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The Four Top Banking Scams to Look Out for in 2023

As RegTech and Financial Technology solutions evolve and become more sophisticated, fraudsters follow the trends and explore new methods to scam people. Banking scams are frighteningly common and wreak havoc on an individual’s finances, credit rating, and even their emotions!

Several banking scams will be prevalent in 2023, and it is wise to invest in the necessary tools to protect yourself and your business:

Social Engineering

This form of fraud exploits human errors and trust, where the criminal steals private information or assets. Phishing is the most well-known technique and involves a malicious party on one end pretending to be a trusted source. Phishing scams are becoming more sophisticated, and even the most prominent companies can fall victims.

Insider Threats

Anyone already in the bank system, such as bank employees, managers, IT officers etc., can pose a threat. Cybersecurity software and tools are always necessary to detect insider threats as they monitor and screen access to sensitive information, flagging any suspicious activity.

Invoice Fraud

Involves sending a fake invoice from a supposedly “trusted” vendor, along with account and payment details. Invoice fraud proves to be a problem for small businesses that might not have efficient knowledge to deal with it effectively.

Business Email Compromise (BEC)

This fraud costs businesses significant economic damages by hacking a senior business executive and compromising their email account to defraud the company.

Keeping up with the latest banking fraud trends is critical to protect your organisation from illicit activity.

This is where eBOS steps in to navigate your business in tackling financial crime with WiseBOS RiSC – an advanced, comprehensive, state-of-the-art solution that provides more efficient and effective risk-based compliance capability to financial institutions, minimising exposure to financial fraud while maintaining and fulfilling their regulatory compliance requirements.

WiseBOS RiSC is trusted by our clients and is the preferred choice when dealing with AML procedures and mitigating risks associated with customer onboarding.