Risk Management: Four Scams to Watch Out For

Criminals are getting creative, which is why cybersecurity and preventing payment fraud are among the top concerns of banks and their clients.

 That also makes it an ever-present priority for BBVA and one of our foundational strengths. We’re constantly investing in ways to make your financial operations more secure, and we’re always on the lookout for anything suspicious, especially now during a pandemic where changes in working processes lead to opportunities for fraudsters. So where are you most vulnerable? Based on the most recent survey data from the Association for Financial Professionals, check and wire payments remain the most targeted form of payments fraud.

Once a breach occurs, a payments fraud attempt will be made using various techniques that are constantly being tested and “improved” by fraudsters. So stay informed and be prepared. Below are four of the latest scams to look out for:

  1. Money Mule Scheme: Fraudsters buy from the company and substitute a fraudulent check for a promised wire transfer payment, while making the check value higher than the purchase price.  The fraudsters then call to ask for a wire transfer refund on the payment difference.
  2. Phishing and Smishing: A social engineering tactic also known as business email compromise (BEC), where the fraudster uses emails or texts to trick an employee into releasing exploitable information or downloading malware that provides access to such data.
  3. Robocalls: Use of computerized auto-dialers to have bots pitch various services, with the hidden purpose of obtaining information that would aid a future fraud attempt.
  4. Altered and Counterfeit Checks: Fraudsters can use check processes in a number of different ways to make a fraudulent payment or obtain confidential information on bank relationships.

To learn more about these scams and how to protect your company, click here. BBVA can provide you with fraud prevention solutions for both ACH and checks through innovative services such as BBVA Real Time Positive Pay, BBVA Net Cash USA, encrypted solutions with security safeguards, virtual cards and all the latest generation algorithms to detect high risk incidences. Contact us to discuss which solutions are best for you, and remember – we’re always on your side in the fight against fraud.



BBVA and BBVA Compass are trade names of BBVA USA, a member of the BBVA group. BBVA USA Member FDIC. All accounts and credit are subject to approval, including credit approval. All trademarks, service marks and trade names referenced in this material are the property of their respective owners.