Getting Excited About Fraud

All financial regulatory agencies and trade groups agree

that Consumer Awareness is necessary.

"Financial institutions should implement an enhanced customer education to increase awareness of the fraud risk and effective techniques customers can use to mitigate the risk." ~ FFIEC

"Consumer education is critical...Publish details of localized scams via online banking websites. Scam alerts can be powerful tools in educating your client base." ~ FICO

"FinCEN strongly supports efforts to raise awareness of elder abuse -particularly financial exploitation of the elderly." ~ FinCEN

"Develop and distribute fraud prevention resources and conduct outreach." ~ FINRA

“One easy way to curb this fraud is through more education and awareness.” ~ Department of Justice

"Develop an awareness framework that challenges, educates and empowers your customers and employees to be part of the human firewall." ~ FS-ISAC

"Teach your older members: When fraud comes knocking, don't answer.” ~ NCUA

"The FDIC encourages financial institutions, government agencies, consumer organizations, educators, the media, and anyone else to help make the tips and information in FDIC Consumer News widely available." ~ FDIC

"The banking industry should leverage anti-fraud resources to help customers protect themselves." ~ American Banking Association

"Employee and customer education is the key...the problem many institutions face, however, relates to lacking resources and dedicated support for truly integrated educational campaigns and programs." ~ Financial Services Roundtable

"Armed with the right knowledge, almost anyone can recognize a fraudulent scheme and make the right decision to stay away." ~ United States Postal Inspector Service

"People are often seen as the weakest link when it comes to cyber security, but that must change." ~ UK National Cyber Security Centre

96% of Americans surveyed said they want to learn more about keeping safer online

Now you can make that happen in a way that

is easy and free for everyone.

Nobody wants to get scammed

93% believe they can protect family.

90% feel a responsibility to be safer.

Most consumers now believe that only financial

institutions can protect them from fraud.

FINANCIAL INFORMATIONBanking information, billing accounts and insurance.

New account fraud

ACH fraud

Identity / synthetic identity

Fraudulent tax returns

Fraudulent loans

Counterfeit cards

P2P / APP fraud

Email compromise

Wire fraud

Phone porting

IP spoofing for payments

PERSONAL IDENTIFIABLE INFORMTIONEmail, SSN, name, DOB, mother’s maiden name, driver’s license, passport, address, phone, IP address, company info, social media, biometric files.

Money laundering

File fraudulent tax returns

Apply for loans

Withdraw funds

ACH fraud

Create counterfeit checks

Pay bills

Transfer money

PAYMENT CARDCredit card and debit card information

CREDENTIALSEmail, phone, usernames and passwords for online accounts

Account takeover

• Online banking• eCommerce• Email• Mobile carrier

Fraudulent purchases

Card not present fraud

Counterfeit cards

People lose information when they get scammed

▪ 38% increase in fraud with 2.5 million victims losing nearly $1.5 billion.

▪ Consumers lost $488 million to imposter scams.

▪ Fraud surpassed I.D. Theft for the first time in 15 years.

▪ 6.5 billion consumer fraud attacks.

▪ 69% of consumers are concerned about fraud, an 18% increase from 2017

2018 Consumer Fraud Statistics

Source: FTC Consumer Sentinel, LexisNexis and Javelin Research Fraud Report.

Failing to recognize compromised ATMs

Reusing passwords & not using 2FA or MFA

Failing to keep identity private

Not taking the proper precautions using wi-fi

Sharing too much on social media sites

Opening links and attachments.

Failing to monitor online accounts

Divulging information to scammers

KEEP MAKING MISTAKES

People

That Could Easily Be Avoided

Tech support scamsGrandkid / relative scamsIRS imposter scamsInvestment scamsPhishingIdentity theftOnline shopping fraudATM / POS skimmingDebt collection scamsCounterfeit check scams

Online dating scamsReal estate/rental scamsAuction fraudAdvance fee fraudCareer opportunityCharity donation fraudWork at home scamsCredit repair scamsTelephone / mobile fraudElder fraud

Fraud Continues to Harm Banks & Credit Unions

▪ Financial institutions lost over $2.2 billion to fraud.

▪ One dollar of fraud costs Financial institutions approx. $2.92.

▪ 200% increase in fraudsters shifting money from consumers’ existing financial accounts into new accounts.

▪ 1.5 million victims of existing account fraud had an intermediary account opened in their name first.

▪ Account takeover tripled with 1 in 8 new account being fraudulent.

▪ Total account takeover fraud losses reached $5.1 billion in 2017.

▪ New account fraud increased by 70%.

▪ Existing-Card Fraud rose 8%.

▪ Existing-Non-Card Fraud rose 115%.

▪ Existing Account Fraud rose 16%.

▪ CNP fraud is 81% more prevalent than POS fraud.

2018 Financial Institution Fraud Statistics

Source: FTC Consumer Sentinel, LexisNexis and Javelin Research Fraud Report.

Turning a Problem into an Opportunity

EASY TO FIND

• Web Site

• Blog

• Twitter

• Facebook

• Branches

• Mobile

EASY TO FOLLOW• Written for the consumer

• To-do list style

• No introductory paragraphs

• Non-technical

• To-do list format

• Positive & not alarming

EASY TO UNDERSTAND EASY TO PRINT

• To-do list formatting

• No graphics / images

• No ads

• No wasted content

Everyone needs to know that you are behind them, and that

being a victim of fraud is not the fault of your financial institution.

MARKETING MANAGERS

We maintain an up-to-date Article Library and To-Do List for your outreach and consumer communications.

FRAUD INVESTIGATORS

We help you manage the day-to-day tasks of writing articles or keeping articles relevant.

Branches

In-person resources.

Social & Digital

More content that people will share.

Community

Help people make less mistakes.

Marketing

More content that people will read.

Fraud aptitude testing.

Human Resources

Frontline Operators

Always up-to-speed on the latest fraud tactics.

Fraud Managers

24/7 Victim assistance resources.

More support and education.

Risk & Compliance

A Unified Awareness SystemAlways current and seamlessly integrated within your

existing communications, marketing materials and outreach.

Calculators

1

Investing

4

Travel

6

Savings / Retirement

6

Fraud Prevention

365

We create and manage "evergreen content" that is always needed and doesnot become dated. Most relevant for financial services and especially

valuable if you don’t publish new content on a regular basis.

Average Annual Consumer Usage

Email / Text

Twitter

Web Site / Mobile

Blog

Facebook

Provide useful content on a daily basis throughout all of your digital channels and get it done in just a matter of minutes.

This allows marketing managers more time to focus on the quality of content while we help with the quantity.

12111

210

39

48

576

Consumers have a strong desire to be informed, and to be the first to share new information.

SMALL BUSINESSES SUPPORT

Business Banking

What businesses expect from their

financial Institution

• Security measures to protect accounts and keep

information safe.

• Fast support to help in the event of fraud.

• Protect against fraudulent wire transfers.

• Quickly detect suspicious activity and notify

customers immediately.

Increase the value of your banking

relationship by exceeding the expectations

of your commercial account holders.

Making life more difficult for fraudsters in

the process.

Branded DashboardYour business accounts will have full access to the complete eFraudPrevention™ dashboard.

KEY BENEFITS

• Prevents Fraud.• Branded with your FI's logo.• Increases loyalty for your best accounts.• Offer an additional free service that

separates you from your competition.• Includes all integration code, article

library, fraud search, online learning and videos.

Increase ValueYour business clients can add a branded version of eFraud Prevention™ to their web sites. Offering fraud prevention to their customers while promoting your brand.

Examples include:

• Accountants / Tax Preparation• Insurance• Healthcare• Financial / Investment• Consultants• Services for seniors• Non-profits• Higher education / Local schools• Municipalities• Local government / Law enforcement• Lawyers / Legal• IT & Computer• Retail• Real Estate

More Facebook Exposure

eFraud Prevention™ can be integrated as a Facebook tab for any of your customers or members with Facebook business pages. This version could include your FI logo for an additional marketing benefit.

Key Benefits:

• Offer an additional free service that separates you from your competition.

• Increases the social sharing of your financial brand.

• Increases your reputation as the trusted advisor and fraud prevention expert.

• Viral social media marketing.

For a small investment in additional fraud prevention awareness, you will improve your Marketing, Support, Reputation, and Revenue.

Small Investment, Big Returns

RevenueSupport

MarketingReputation

Why Now?

Sophistication

• Criminal are awash with credentials, health records, PII and bank account information.

• Payment fraud, Account Takeover & ID Theft are commonplace.

Channels

Tools

Data Breaches

• Criminals no longer need to be tech savvy hackers as there is easy access to “out-of-the-box” fraud tools.

• Early days are gone and criminal enterprises have arisen.

• Growth of IOT (20.4 billion connected devices by 2020).• Growth of Mobile Pay and eCommerce.• There is a direct correlation between Technology and Cybercrime.

2019 Fraud Predictions

1. Scam victims & fraud losses for financial institutions

2. Credential stuffing

3. Social engineering

4. Digital trust

5. Spear phishing becomes even more targeted

6. Poisoned artificial intelligence

7. Application and new account fraud

8. Mobile fraud losses

9. Data breaches

10. Social media brand misinformation

11. Real-time payments

12. Gaming

13. Home Network hacking

You already offer fraud prevention tips

Fraud awareness needs to continuously be updated in order to accurately address ever-changing fraud tactics.

These statistics demonstrate how consumer concerns for fraud safety are constantly shifting.

Today, you can’t just maintainthe same 5 – 10 articles.

Abuse of position of trust

Account takeover

Advance fee fraud

ATM / POS skimming

Computer hacking

Data breaches

Dumpster diving

Impersonation of officials

Lottery scams

Mail theft

Malware / Virus

Mobile phone fraud

Pharming

Phishing

Phone porting

Pretexting

Purse or wallet theft

Smishing

Social engineering

Sweepstake scams

Wi-Fi hacking

Work from home scams

Shred days are an important service to prevent identity theft. However, in today’s fraud environment, “dumpster diving” is only one of the many tactics used by criminals to steal personal identities.

Established in 2004, eFraudPrevention™ has helped hundreds of public and private organizations to deliver fraud prevention awareness.

Today, we are proud to be able to reach and protect millions of consumers in communities throughout all of the United States of America.

eFraud Prevention™ was the first online service dedicated to offering consumer awareness for fraud prevention. We were an established online service before the existence of any private or government funded consumer awareness initiatives.

Today, fraud awareness remains the only service we offer.

IAFCI is a global network of law enforcement, card associations, banks and non-banks, private label issuers, to name a few.

IAFCI chose eFraud Prevention™ to provide the bulk of consumer awareness information on the IAFCI web site. Helping with IAFCI's effort to safeguard the world's economy through teamwork.

Content is managed daily & curated from expert sources.

Government

• Federal Trade Commission• Department of Homeland Security• Department of Commerce• U.S. Department of Education• U.S. Department of State• Consumer Financial Protection Bureau• Federal Communications Commission• Federal Deposit Insurance Corporation• Internal Revenue Service• Securities and Exchange Commission• United States Postal Inspection Service• Various Offices of Secretary of State• UK's National Reporting Centre for Fraud• NIST – National Institute of Standards and

Technology

Academic & Private

• Information Assurance Support Environment

• SANS Institute• OWASP

Trade & Non-profit

• International Association of Financial Crime Investigators (IACFI)

• (ISC)2• CIS (Center for Internet Security, Inc)

Pricing

TOTAL ASSETS TOTAL MONTHLY COST

150 Million – 500 Million

500 Million – 1 Billion

1 Billion +

$150.00

$200.00

$300.00