PNC Protect
Fraud Prevention Tools – ideas and solutions that can help your company protect itself from cybercrime and payments fraud.
Safeguard Your Company Against 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.
Common Attack Vectors
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.
Social Engineering
The act of fraudulently manipulating people into performing actions or divulging confidential information. Social engineering scams typically align to two primary email communication variants:
- Business Email Compromise (BEC), whereby a fraudster uses identity deception tactics like domain name or spoofing to trick the target into taking action; here, the attacker pretends to be a source known or trusted by their target
- Email Account Compromise (EAC), whereby a fraudster hacks an individual’s personal email account and uses it to send legitimate messages to targets either known or trusted by the source; here, to their target, the attacker actually is a known or trusted source
Year-over-year, the occurrence and frequency of social engineering fraud and its associated losses have steadily grown and remain incredibly high.
Malware
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:
- Phishing – unsolicited email containing an attachment or weblink that, once opened/clicked, installs the malware
- Smishing – unsolicited text message containing an attachment or weblink that, once opened/clicked, installs the malware
- Vishing – unsolicited telephone call purportedly from a legitimate company requesting personal and financial information and/or online login credentials
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.
The Stark Reality of Fraud Domestically
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:
Learn More about
Cybersecurity
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.
PNC Fraud Prevention Solutions & Tools
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:
Solution/Tool
What It Is
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.
How It Can Help You
- Enhance and streamline customer and payment due diligence activities
- Reduce account takeover risk on changes to payment accounts
- Adhere with Nacha WEB Data Rule for Fraud Detection
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.
- Ability to view digitized images of exception items
- Quickly identify checks that are inconsistent with the data your company provided
- Access to easily decision exception items
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.”
- Automatically block or flag as suspect incoming ACH debits that meet criteria as pre-defined by your company
- Access to easily decision suspect items and create/modify filtering rules on an ongoing basis
A service that restricts any ACH debit transactions from posting to an account.
- Returns fraudulent or otherwise unauthorized debits from posting to your account without the need for manual oversight or intervention
A service that provides intraday information to help you monitor activity within your accounts.
- Enables you to monitor intraday activity within your company’s accounts
- Allows you to quickly identify transactional anomalies for immediate research and escalation
PINACLE Event
Notifications
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.
- Immediately alerts you as to payment-related entitlement changes and authentication activities
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.
- Once installed to a device, removes existing financial malware and prevents future malware infections
- Protects credentials and personal information from key-logging and screen capturing attempts
- Stops phishing attacks from stealing credentials and data
Insights
Mitigate Risk
Balancing Security and Convenience
How you and your bank can work together to mitigate new risks.
7 min read
Manage Business Finances
Simple Steps Businesses Can Take to Help Protect Themselves from Payments Fraud
Here’s how your business can take control of possible scam attempts.
3 min read
If You are an Existing Customer
For product and service related questions, please contact your Treasury Management Officer or Treasury Management Client Care (TMCC) directly at
1-800-669-1518.
Contact Us
If you have questions or would like additional information, please fill out this short form so we can get in touch with you. By completing this form, you are authorizing us to contact you (via email and/or phone) to answer your questions and provide information about PNC’s Treasury Management products and services.
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Important Legal Disclosures and Information
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Source: Association for Financial Professionals; 2023 Payments Fraud and Control Survey
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Source: 2022 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.
IBM and IBM Security Trusteer Rapport are registered trademarks of IBM in the United States.
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