Fraud: Email compromise on the rise

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February 2016

Overview

The financial services industry has seen a dramatic increase in account takeover schemes. More and more thieves are taking advantage of business email accounts to divert money using ACH or wire transfers.

Financial institutions can prevent and detect many account takeover attacks, but the industry has not consistently taken the necessary steps to do so. 

This Financial crimes observer discusses how account takeover schemes are perpetrated, and provides our view of what financial institutions should be doing to prevent them.

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Dan Ryan

Banking and Capital Markets Leader, PwC US

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