These days more people are working remotely than ever before and many tasks previously done in person are happening online - including banking. Unfortunately, fraudsters are aggressively taking advantage of potential vulnerabilities that arise from this increased online activity.
Businesses are acclimating to the current unusual circumstances by offering additional services virtually. For community banks, this means working with customers by email or online, allowing electronic signatures on important documents, among other virtual services, which opens up the door for an exposed environment. Should these cyber criminals gain access to Personally Identifiable Information (PII), they can easily pose as the bank “customer”, another financial institution, another party to the transaction, or even someone else within the bank looking to transfer funds.
While wire transfer fraud is certainly not a new source of loss for community banks, criminals have been exploiting the increase in electronic and remote banking. They are constantly finding different ways to perpetrate this type of fraud. Therefore, it’s extremely important to stay vigilant while customers and employees are remote.