Cybercriminals Put New Twist on Old Ruses

By Darla Dernovsek06.12.2019

Getting ahead of “tough to catch” financial criminals means being aware that creative crooks may repeat old ruses even as they devise new ways to misuse evolving technology.

Detective Mark Solomon tracks both types of activity for the Greenwich (Conn.) Police Department. He also remains active in the International Association of Financial Crimes Investigators, the CT Financial Crimes Task Force, and the ATM Skimming Intelligence Network, which he helped found.

Building on relationships

Financial criminals are aware of the deep, “family-type” relationships that credit unions build with members, Solomon says. They attempt to twist those relationships to persuade members to divulge sensitive information or hand over assets.

Solomon has seen financial crimes evolve throughout his career, which he began as a patrol officer before moving on to the detective division and a focus on financial crimes.

Solomon pursues cases where people are exploited through misuse of technology or by falling for phishing emails or other scams.

“This is a constantly evolving type of crime and criminal activity,” Solomon says.

Growing activity

There are four types of cybercrimes are currently rising rapidly, Solomon says. They include:

  1. Phishing based on spoofed emails and spoofed websites, often in combination with telemarketing calls and text messages.
  2. Skimming credit card data. Delaying liability for magnetic stripe technology until 2020 on automated fuel dispensers gives criminals more time to steal magnetic stripe information before chip-based technology takes over and makes it more difficult.
  3. Impersonating members based on counterfeit identification. Criminals use fake identification to open new accounts in person or use technology for remote attempts to impersonate members and get new credit cards or access accounts.
  4. Hacking attacks on credit union databases.

(via Credit Union Magazine)


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