PNC Protect
Fraud Prevention Tools – ideas and solutions that can help your company protect itself from cybercrime and payments fraud.
Safeguard Your Company Against Fraud
In recent years, the threat and occurrence of cybercrime and payments fraud has soared. It continues to be a major challenge for businesses and banks alike
— regardless of size, geography, industry or sophistication.
Moreover, with the advent of new and diverse digital payment channels, experiences and even currencies, comes the unintended consequence of new and inventive opportunities for fraudsters to advance and refine their evolving and relentless payment diversion scams in an effort to maintain their lead.
At PNC, we want to make you aware of ongoing threats and trends, as well as the solutions and tools that can help protect your company from the harmful effects of payments fraud.
Common Attack Vectors
While fraudsters employ various means to infiltrate or exploit their targets' networks, systems, protocols or personnel, two of the more common threat vectors are malware and social engineering. Both form the basis of many payments’ fraud scams.
- Social Engineering
- Malware
The act of fraudulently manipulating people into performing actions or divulging confidential information. Social engineering scams typically align to two primary email communication variants:
- Business Email Compromise (BEC), whereby a fraudster uses identity deception tactics like domain name or spoofing to trick the target into taking action; here, the attacker pretends to be a source known or trusted by their target
- Email Account Compromise (EAC), whereby a fraudster hacks an individual’s personal email account and uses it to send legitimate messages to targets either known or trusted by the source; here, to their target, the attacker actually is a known or trusted source
Year-over-year, the occurrence and frequency of social engineering fraud and its associated losses have steadily grown and remain incredibly high.
Software or code that, once downloaded to a PC or mobile device, can be used to steal information, exploit system vulnerabilities, compromise access to data, and cause other damage or detrimental effects.
Fraudsters deliver malware through:
- Phishing – unsolicited email containing an attachment or weblink that, once opened/clicked, installs the malware
- Smishing – unsolicited text message containing an attachment or weblink that, once opened/clicked, installs the malware
- Vishing – unsolicited telephone call purportedly from a legitimate company requesting personal and financial information and/or online login credentials
An additional tactic that fraudsters employ is Pharming, whereby malware is used to automatically re-direct a legitimate website’s traffic to a bogus version of that site for the purpose of harvesting credentials to steal information and/or facilitate a payment.
The Stark Reality of Fraud Domestically
When it comes to cybercrime and payments fraud, every organization is a target, and none are naturally immune to its potential effects. The question isn’t whether your organization will face these threats; rather, it’s when and to what effect with respect to potential or actual financial harm.
A quick look at the stats:
PNC Fraud Prevention Solutions & Tools
As a PNC corporate client, you enjoy convenient access to a variety of effective and reliable tools that can help you limit losses from cybercrime and payments fraud.
Our product and solution professionals can work with you to understand your company’s needs and recommend specific services and optional service features to help your company enhance its fraud prevention posture. Below are just some of the services that we offer:
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