TOPIC: Fraud

Zelle - Scams

Manager at a bank ($488MUSA)
Was wondering if anyone has procedures in place to monitor Zelle transactions and remove access on those misusing it. With the unemployment and other scams/money mule situations increasing we've been seeing an increase in people using Zelle to move the money. As far as Zelle is concerned if it's authorized there's not much that can be done as it's clearly stated in their rules however following Reg E, we need to investigate. Just curious what others are doing. So far just over the past 2 weeks we've seen Kitten scam where someone paid for kittens using Zelle, but never received the kittens and we've seen a customer being used as a money mule and now the person who sent her the money is saying it was done by mistake only $30 should have been sent not $300. The money mule person we noticed was suspicious because there were 5 Zelle transactions in one day going out to multiple people after a large ACH.

    Demo Video | Unusual Access – ACH Agent – Online Account Takeover Detection

    Demo Video
    Unusual Access – ACH Agent
    Online Account Takeover Detection


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    Online customer accounts are a serious target for sophisticated cybercriminals looking to commit unauthorized transfers. Once an online account has been breached, money can be moved very quickly. This short video highlights Verafin’s targeted agent for Unusual Access – ACH which alerts investigators when an ACH transfer is attempted from an online session which is uncharacteristic for the customer. 

    Verafin’s Unusual Access – ACH agent detects when a new payee has been added during an unusual online session. This agent also features easy-to-read risk map smart evidence – visual representation of the customer’s digital fingerprint that illustrates up to six months of information and provides daily mapping of online banking access, highlighting access that is out-of-pattern.

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        Demonstration | Preventing Losses from Check Kiting and Check Fraud Schemes - Join us July 29

        July 29 at 12:30 PM - 01:30 PM EST
        Preventing Losses from Check Kiting and Check Fraud Schemes
        Detecting fraudulent in-clearing checks


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        Despite the rise of online banking products, criminals continue to exploit traditional transaction channels for fraudulent activity. Checks are particularly vulnerable, as customers and institutions can be victimized by stolen checks, counterfeit checks, or elaborate check kiting schemes.     

        Join us for a demonstration of Verafin's Fraud Detection and Management solution that leverages machine learning, image analysis and Optical Character Recognition (OCR) to help detect fraudulent checks and reduce false positive alerts. In this presentation, we will demonstrate Verafin’s targeted fraud detection scenarios including Stolen/Counterfeit Checks, Duplicate Check Number, Sequence Number Jump, and Check Kiting.

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