FBI Reports $262M in ATO Fraud as Researchers Cite Growing AI Phishing and Holiday Scams
By Ravie Lakshmanan, the Hacker News
The FBI has warned that cybercriminals are impersonating financial institutions with an aim to steal money or sensitive information to facilitate account takeover (ATO) fraud schemes.
The activity targets individuals, businesses, and organizations of varied sizes and across sectors, the agency said, adding the fraudulent schemes have led to more than $262 million in losses since the start of the year. The FBI said it has received over 5,100 complaints…
Read MoreFake Companies, Real Risk: The Rise in Synthetic Business Fraud
Published in FRBServices.org/Fed 360
Synthetic identity fraud occurs when criminals create an identity out of pieces of real and/or fictitious information to commit a dishonest act for personal or financial gain.
While the fake identity often is an “individual,” criminals may seek more lucrative opportunities with synthetic business fraud. Typically, companies have access to higher credit or loan amounts than consumers, making them more attractive to criminals. This can result in larger losses when a default on repayment occurs…
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Amazon Urges Customers to be Mindful of Impersonation Scams. What's That?
By Saleen Martin, USA Today
Amazon said it’s educating customers to protect them against fraud.
Amazon is working to school customers on potential scams ahead of the holiday shopping season. The online retail giant is especially urging shoppers to be vigilant of impersonation scams, where scammers pretend to be representatives of Amazon and steal personal information or money…
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