Fraud Alert
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A spike in incidents of financial fraud has reportedly turned America’s bank tellers into quasi-detectives.
That’s according to a report Sunday (June 7) from The New York Times (NYT), which noted that this is happening against the backdrop of a five-fold increase in cybercrime losses, per FBI data. Last year, those losses came to $21 billion, compared to $4.4 billion in 2020.
The report cited the example of a Chase teller in Scarsdale, New York, who helped determine that an 81-year-old customer was being targeted by a scammer who claimed to work for the bank and had offered to set up a new account to protect her money against fraudsters.
While banks have always invested heavily in fraud prevention, cybercrime has become so invasive that many banks are shifting to new strategies, NYT added.
For example, JPMorgan Chase, America’s largest bank, wanted to understand the emotional and…
CLICK HERE to read the FULL Bank Tellers Play Detective in Face of Rising Fraud | PYMNTS.com article.
Avoid using public Wi-Fi networks for banking or shopping, as these unencrypted “hotspots” allow criminals to intercept your traffic through “Man-in-the-Middle” attacks.