This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
09/02/2020
Visa Takes Aim At Unemployment Insurance Fraud
PYMNTS.com
At the intersection of government assistance, vulnerable populations and digital payments … the fraudsters lie in wait.
Amid the trillions of dollars in pandemic-related aid being disbursed by federal, state and local governments, Visa said in its August 2020 Security Alert that pandemic unemployment assistance fraud — done through mobile conduits — as a “prolific” vector of attack.
In an interview with Karen Webster, Mike Lemberger, senior vice president and regional risk officer for North America at Visa, said a “layered” approach helps criminals cover their tracks. And a layered approach, too, helps Visa, through its Payment Fraud Disruption (PFD) unit, help uncover those tracks and identify suspicious patterns that can help identify, and stop fraudsters.
Layers Upon Layers
In terms of mechanics, bad actors leverage mobile applications to contact people who have received or are receiving unemployment or stimulus benefits. They use phishing campaigns, and the promise of speedy payment of government benefits, to prod victims into giving up sensitive personally identifiable information (PII).
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more informationResources
Your electronic library to help in fighting financial fraud for all of our partners.
more information