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Since their meteoric rise in 2015/2016, check fraud schemes have popped up across the globe. What is interesting to see if that many of these schemes are not new, just different twists or spins. For example, one common scam is the overpayment scam, where a check is delivered with a larger amount than expected. The scammer will then request the excess amount be sent back to them. But, did you know that overpayment scam has been around since 2004?
Well, it appears that fraudsters have moved to a new target...
"Money Glitch" Now Targeting Fidelity
Frank on Fraud reports that recent "money glitch" fraud schemes have spread from Chase to Fidelity, causing major headaches for banks. Fraudsters are exploiting mobile deposit limits to deposit fake checks and quickly withdraw the funds before they can be reversed.
The Viral Infinite Chase Money Glitch took social media by storm only two weeks ago. People soon learned it wasn’t a glitch but a massive check fraud scheme that involved depositing fake checks into ATM Machines and quickly wire transferring the money before the checks could be returned.
Chase quickly closed that exploit within a few days, and the viral trend died. However, this week, fraudsters may have discovered a new target to attack—Fidelity—and their check fraud scheme seems suspiciously similar.
In this recently posted video, a couple of guys calling themselves FidelityBoyz throw money like confetti into a crowd yelling, “I Got A Fidelity Boy!”
Telegram is typically one of the first places that new fraud schemes emerge. As fraudsters communicate the latest “fraud waves” with each other, their targets become apparent.
Over the last month, many of those communications have focused on Fidelity. Frank on Fraud harvested some especially alarming Telegram screenshots:
Source: Frank on Fraud Blog
Where there is smoke, there is fire, so I decided to do a frequency keyword analysis on mentions of “Fidelity” in the top 25 Telegram fraud channels to see when the trend might have started.
I analyzed the frequency of conversations mentioning “Fidelity” in the Top 25 fraud channels in the last six months. The mention rate on criminal channels has spiked by 300% and is on a pace to increase by over 700% by the end of September.
This means that fraudsters are discussing Fidelity much more than they used to, and that’s never a good thing on Telegram.
After performing a detailed analysis of the keyword "Fidelity" in the top 25 Telegram Fraud channels, Frank McKenna notes that "the mention rate on criminal channels has spiked by 300% and is on a pace to increase by over 700% by the end of September."
Increasing Deposit Fraud Detection with Technology
For financial institutions and fraud professionals, it's important to understand that in order to curb deposit fraud, they must invest in the latest check fraud detection technologies for deposit fraud.
These include:
Behavioral Analytics to analyze the transactions and behaviors of the account
Consortium data to analyze the check transaction and payor account history
Dark Web Monitoring to detect accounts have been compromised
By combining these technologies in a multi-layered strategy, financial institutions ensure that fraudsters will not see success in extracting funds from the FI and their customer.
