Examples of latest frauds we caught

Below you will find examples of frauds our AI risk models stopped before the money left the bank

Account takeover fraud

Switzerland

The fraudster used a pharming technique, injecting malicious code into the victim’s computer, to acquire a customer’s e-banking credentials. The fraudster was then able to take over the customer’s account to seize a payment of CHF 19,990.

NetGuardians stopped the payment as a number of factors didn’t match the customer’s profile, including the new beneficiary (both at the customer and bank level), as well as the unusual screen resolution, session browser, and the amount.

CHF 19,990
CHF 1,000,000

Social engineering

Switzerland

The fraudster impersonated a bank customer and asked the banking employee to order a transaction of CHF 1,000,000. The banking employee was scammed, believed that the fraudster was the customer and validated the transaction.

Although the case involved a new client with little historical data, NetGuardians blocked the payment because the transaction was unusual at the bank level, and the beneficiary account was also unusual.

Social engineering

The Netherlands

The customer, a victim of vishing, gave his/her e-banking credentials over the phone to the fraudster posing as an agent. The fraudster then took over their e-banking and transferred CHF 22,114 to an illicit account.

Although the case involved a new customer with little historical data, NetGuardians’ AI risk models stopped the fraud because the transaction characteristics were unusual at the bank level, as was the screen resolution.

CHF 22,114
CHF 33,170

Account takeover fraud

The Netherlands

The fraudster impersonated a bank agent and through social engineering persuaded the customer to release his/her e-banking login details. The fraudster took over the customer’s account and made a payment of CHF 33,170 to an account of their own.

NetGuardians’ AI risk models identified the transaction as fraudulent and blocked it because the e-banking metrics – e-banking language, browser, screen resolution, etc – did not match the customer’s usual profile.

Tech support scam

Lithuania

The fraudster impersonated a Microsoft tech support worker and called the victim. Through social engineering, the fraudster managed to obtain enough information about the victim’s e-banking to transfer USD 7,500 to an illicit account.

NetGuardians’ AI risk models stopped the transaction due to its variables not matching the customer’s profile, noting the unusual currency, operation type, beneficiary account, beneficiary country, account ID, and account type.

USD 7,500
GBP 21,000

Account takeover fraud

Great Britain

A fraudster impersonating a banking agent persuaded a customer to disclose his/her e-banking login details through social engineering, took over the account and attempted a payment of GBP 21,000 to an illicit account.

NetGuardians’ AI risk models blocked the transaction due to unusual e-banking and transaction variables, including unusual amount, screen resolution, beneficiary institution, beneficiary account, e-banking session language, and currency.

Authorized push payment fraud

Spain

Using social engineering techniques, the fraudster convinced the bank customer to transfer EUR 125,000 to an illicit account.

NetGuardians’ AI risk models stopped the transaction as certain variables did not match the customer’s profile, including the transaction creation day, the beneficiary account, beneficiary country, operation type, order type, and currency.

EUR 125,000
EUR 170,000

CEO fraud

Spain

The fraudster impersonated the CEO of the account holder’s company and over email convinced the victim to pay EUR 170,000 into an illicit account.

NetGuardians’ AI risk models stopped the transaction due to unusual variables including the beneficiary account and country, the operation type, order type, and currency.

BEC fraud

Peru

A company employee fell victim to a business email compromise (BEC) fraud after their business partner’s email account was hacked and the fraudster sent a fake email from this account requesting a payment of USD 100,000 to a beneficiary in Peru.

NetGuardians’ AI risk models stopped the transaction due to the unusual destination country, payment creation date, and beneficiary account.

USD 100,000

USD 170,000

Investment fraud

Bulgaria

The victim was advised by a fraudster impersonating a business partner to invest in a fictitious company and ordered a payment of USD 170,000.

NetGuardians stopped the transaction due to variables not matching the customer’s profile, including the unusual destination, beneficiary bank, beneficiary account, amount, and currency.

Scam

Belgium

A customer fell victim to social engineering and was scammed on the purchase of a car. When the customer tried to pay a non-existent car company, NG solution stopped the payment before the money had left the bank.

NetGuardians blocked the transaction because of a number of unusual variables. These included an unusual beneficiary for the customer and the bank as well as the unusual amount and destination country.

EUR 32,000
EUR 3,469

Tech Support Scam

Slovenia

The fraudster impersonated a Microsoft employee and called the victim to say he had been hacked. The victim gave over control of his computer to the fraudster, who then planted malicious code and was able to transfer a payment of EUR 3,469 from the victim’s bank account to an illicit account in Slovenia.

NetGuardians spotted a number of unusual transaction variables and stopped the payment. These included an unusual beneficiary country and account, and unusual currency for the customer, and an unusual beneficiary account for the bank.

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