WASHINGTON–With nearly every credit union website and mobile channel warning members that their CU will never contact them and ask for their financial information, the FBI’s Internet Crime Compliant Center is cautioning the public that more than ever cybercriminals are impersonating financial institutions to steal money or information from individuals, businesses and organizations.
The FBI said its IC3 center has received more than 5,100 reports of account takeover (ATO) fraud since January, and these reports included losses totaling more than $262 million, according to a public service announcement.
Nearly Half of Households Hit
In its analysis of the growing threat, which involves social engineering efforts, PYMNTS Intelligence noted its report “Financial Scams and Consumer Trust” found that nearly four in 10 U.S. households have fallen victims to scams in the past five years. The report found that in 81% of these cases, criminals pretended to be trusted authorities, friendly strangers or known contacts.
PYMNTS Intelligence noted that another of its reports, “How Scammers Tailor Financial Scams to Individual Consumer Vulnerabilities,” found that scams have evolved into sophisticated operations that mirror legitimate business practices. For example, scammers may use fake job offers or online deals to target consumers.
