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

[K. Garl Long]

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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