Fraud

Local governments should ensure they protect against cybersecurity frauds in which an employee's direct deposit payroll gets redirected to a fraudster's bank account.

While cash transactions might be less frequent than those involving credit or debit cards, or have individual low dollar values, over time small daily losses can add up. According to the Association of Certified Fraud Examiners' (ACFE) 2016 Report to the Nations, the average median loss when cash was misappropriated ranged from $25,000 to $90,000.

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We have learned that not all banking institutions are providing a detailed breakout of cash and checks on bank validated deposit slips.

Check fraud is a common financial crime here in Washington and nationwide. According to the American Bankers Association, check fraud accounted for 32 percent of the banking industry's losses in 2015.

What is “Vishing”?

“Vishing” uses techniques that are essentially similar to phishing, the act of acquiring sensitive information via electronic communication while posing as a trusted entity. A vishing attack takes place over the telephone, using call spoofing, and tricks a user into disclosing personal information such as credit card numbers or a three digit security code.