[WSBARP] From DFI re: Alert to Licensees About Fraud

[Rob Rowley]

 Alert to Licensees About Fraud



*From:* WA State DFI [mailto:dfi at updates.dfi.wa.gov]
*Sent:* Friday, March 25, 2016 12:39 PM
*To:* rob at rowleylegal.com
*Subject:* Alert to Licensees About Fraud



*This is a message from the Washington State Department of Financial
Institutions*

*Beware of phishing scams in connection with wire transfers and the release
of other private information*

The Department wants to caution licensees about “social engineering” scams
targeting licensees and their customers. Social engineering scams are when
hackers use information about the target gathered from various social media
sites or online avenues to gain access to sensitive facets of the victim’s
identities. Phishing is a type social engineering scam whereby the scammer
attempts to acquire sensitive information, often for malicious reasons, by
masquerading as a trustworthy entity that seems identical to a trusted
sender. There are several different kinds of phishing scams, such as spear
phishing or clone phishing.

Phishing attempts directed at specific individuals or companies have been
termed “spear phishing.” Attackers may gather personal information about
their target to increase their probability of success. For example, a
licensee’s employee may receive what is believed to be an email from
another employee requesting personal information. Such information could be
used to file false income tax returns and to direct refunds to the
scammer’s bank account in addition to other forms of identity theft.

“Clone phishing” is when a legitimate, and previously delivered, email has
had its content and recipient address(es) taken and used to create an
almost identical or cloned email. Often times the email will contain an
attachment or link that will be replaced with a malicious version and then
sent from an email address spoofed to appear to come from the original
sender. It may claim to be a resend of the original or an updated version
to the original. For example, a   customer could receive an email that
appears very similar to a licensee’s email (including a logo very similar
to the licensee’s logo) that requests the client to wire funds to a bank.
If the customer assumes the email is legitimate and wires funds to the bank
indicated in the email instructions, the customer stands to lose their
money.

The Department reminds its licensees to be aware of social engineering
scams. Licensees may want to provide training to its employees or caution
its clients about being wary of emails requesting personal information even
if the email purports to be from a trusted source. Verifying in person with
whomever is requesting the personally identifiable information may help
ensure private information remains secure. In the case of transactions
involving wire transfers, licensees may want to inform clients to request
verbal confirmation of wire transfer details before proceeding. Also, if
funds are going to a licensee’s trust account, the licensee may want to
provide advance notice to the customer that wire transfers will only be
made to the licensee’s trust account at a specific bank. Based on recent
reports, these scams are becoming more sophisticated and convincing. We
encourage our licensees to do their part to avoid falling victim to such
scams and to do their part to prevent fraud to their customers.


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