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Welcome to Echo.
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How does nearly $3 million in unauthorized transfers disappear in the blink of an eye? For one organization, an attacker intercepted both the login and MFA token as part of what's known as an adversary-in-the-middle attack.
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The attacker impersonated a former employee and approved multiple wire transfers. NFP coordinated with the FBI and the insurer to help this organization trigger the computer systems fraud agreement under their financial institution's bond and recovered the full loss.
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Review your controls and policies to stay ahead of today's AI-powered fraud scams.
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Check fraud is still on the rise, with up to $21 billion in losses for a calendar year. Altered and counterfeit checks, as well as stolen mail, are still creating costly losses for businesses and consumers.
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Protecting against check fraud means tightening processes at every step. Here are a few tips: lock mailboxes, limit who handles checks, reconcile accounts daily, and finally, work with your financial institution on check fraud tools and strategies to keep your money safe.
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It's vacation season. Spring break and summer are on everyone's minds. And with that comes travel concerns that can derail your budget. Keep trips affordable and avoid preventable mishaps by comparing flights and hotel options, setting daily spending limits and reviewing safety recommendations for your destination.
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Travelers should also consider travel insurance, which can provide you and your family with worldwide travel protection services.
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To get the full scoop on how to stay safe from cyber fraud, ways to mitigate check fraud, and smart ways to save and stay safe this spring break, check out the linked resources and visit nfp.com.
Welcome to Echo.
In this month's edition, we look at cyber fraud, check fraud and how to save on vacation.
Cyber Fraud: When a Single Click Goes Wrong
Cyber fraud continues to grow more sophisticated as criminals blend technology, psychology and real-world business details to trick people into sharing information or sending money.
From phishing emails and fake login pages to invoice and payment redirection schemes, a single click can trigger a chain of losses.
Building resilience starts with the basics:
- Strong authentication and access controls
- Clear verification steps for payments and changes to banking details
- Regular training that helps people slow down, spot red flags and report suspicious
Check Fraud is on the Rise
Check fraud continues to drive significant losses, fueled by altered and counterfeit checks and stolen mail.
Protecting against check fraud means tightening processes at every step, including:
- Locking mailboxes
- Limiting who handles checks
- Reconciling accounts daily
- Working with financial institutions on fraud detection tools and strategies
Vacation Season: Savings and Safety
As spring break and summer travel approach, financial and safety risks increase.
This segment highlights ways travelers can help protect their budgets and avoid preventable mishaps by:
- Comparing flights and hotel options
- Setting daily spending limits
- Reviewing safety recommendations for destinations
- Considering travel insurance for worldwide travel protection services
Explore these Resources:
