Types of Fraud and How They Originate
Cybercriminals continue to target online banking and electronic payment transactions, generally by writing unauthorized checks or through ACH and wire fraud. With two bits of information, your business checking account number and bank routing number, a criminal can make a payment for goods or services either by phone or online.
- Fraud usually starts with social engineering: the practice of obtaining sensitive information by tricking people into breaking normal security procedures.
- Severity is measured through seven stages. Each stage provides an opportunity to interrupt the breach.