Fraud Prevention Tools – ideas and solutions that can help your company protect itself from cybercrime and payments fraud.
In recent years, the threat and occurrence of cybercrime and payments fraud has soared.
It continues to be a major challenge for businesses and banks alike
— regardless of size, geography, industry or sophistication.
Moreover, with the advent of new and diverse digital payment channels, experiences and even currencies, comes the unintended consequence of new and inventive opportunities for fraudsters to advance and refine their evolving and relentless payment diversion scams in an effort to maintain their lead.
At PNC, we want to make you aware of ongoing threats and trends, as well as the solutions and tools that can help protect your company from the harmful effects of payments fraud.
While fraudsters employ various means to infiltrate or exploit their targets' networks, systems, protocols or personnel, two of the more common threat vectors are malware and social engineering. Both form the basis of many payments’ fraud scams.
The act of fraudulently manipulating people into performing actions or divulging confidential information. Social engineering scams typically align to two primary email communication variants:
Year-over-year, the occurrence and frequency of BEC/EAC fraud and its associated losses have steadily grown and remain incredibly high; in fact, between July 2019 and December 2021, there was a 65% increase in identified global exposed losses.
There were $43B+ in aggregate BEC/EAC losses between 2015 and 2021. 
Software or code that, once downloaded to a PC or mobile device, can be used to steal information, exploit system vulnerabilities, compromise access to data, and cause other damage or detrimental effects.
Fraudsters deliver malware through:
An additional tactic that fraudsters employ is Pharming, whereby malware is used to automatically re-direct a legitimate website’s traffic to a bogus version of that site for the purpose of harvesting credentials to steal information and/or facilitate a payment.
When it comes to cybercrime and payments fraud, every organization is a target, and none are naturally immune to its potential effects. The question isn’t whether your organization will face these threats; rather, it’s when and to what effect with respect to potential or actual financial harm.
A quick look at the stats:
Cybercriminals are constantly looking for ways to perpetuate payments fraud. Recognize the warning signs of common fraud schemes and take appropriate actions to protect against its threats.
As a PNC corporate client, you enjoy convenient access to a variety of effective and reliable tools that can help you limit losses from cybercrime and payments fraud.
Our product and solution professionals can work with you to understand your company’s needs and recommend specific services and optional service features to help your company enhance its fraud prevention posture. Below are just some of the services that we offer:
A service that allows you to verify the existence of a U.S. bank account, gain insight regarding its status, standing and maturity, and authenticate its ownership or signatory authority.
A service that matches checks presented for payment against your company’s check issue file; “exceptions” are presented to you for a pay/return decision through PINACLE®, PNC’s top-rated corporate online and mobile banking platform.
A service that allows you to monitor and control ACH debit activity by establishing “rules” that filter the ACH debits coming into your account(s). Using PINACLE, you can review “suspect” ACH debits and determine whether to return them as “unauthorized.”
A service that restricts any ACH debit transactions from posting to an account.
A service that provides intraday information to help you monitor activity within your accounts.
A service that allows you to subscribe to receive notifications about key activities within PINACLE that can be delivered to the PINACLE Message Center, or directly to you via email or text message.
A software application that provides an additional layer of security designed to help protect your login credentials, including your PINACLE Company ID, Operator ID and password.
Fraudsters are shifting their attention from card-present to card-not-present transactions.
3 min read
A checklist of considerations for your organization
3 min read
For product and service related questions, please contact your Treasury Management Officer or Treasury Management Client Care (TMCC) directly at
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Source: 2015-2021 Internet Crime Reports (FBI Internet Crime Complaint Center)
Source: Association for Financial Professionals Payment Fraud and Control Survey, 2022
Source: 2021 Internet Crime Report (FBI Internet Crime Complaint Center).
By clicking “Download”, you will be directed to a third-party website hosted by Trusteer, a third-party that is not affiliated with PNC Bank. While this software is a valuable addition to your fraud prevention strategy, PNC Bank will not be responsible for the content or effectiveness of the services associated with Trusteer’s software.
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