[WSBARP] From DFI re: Alert to Licensees About Fraud
K. Garl Long
Garl at longlaw.biz
Fri Mar 25 13:49:11 PDT 2016
Court starts at 1:30. - KGL
On 03/25/2016 12:51 PM, Rob Rowley wrote:
> Alert to Licensees About Fraud
>
> *From:*WA State DFI [mailto:dfi at updates.dfi.wa.gov
> <mailto:dfi at updates.dfi.wa.gov>]
> *Sent:* Friday, March 25, 2016 12:39 PM
> *To:* rob at rowleylegal.com <mailto: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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