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Peer-to-peer (P2P) scams

A Peer-to-Peer (P2P) scam is typically when a fraudster poses as a legitimate business and requests payment from the victim for a product or service that never materializes.

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Protecting your business

In the case of a peer-to-peer (P2P) scam, an unauthorized payment may occur when the victim's account is breached, leading to a payment being made without their approval. However, the more prevalent scenario involves the victim willingly initiating a payment through a swift transfer platform such as Zelle or PayPal, often while engaged in a phone conversation. Essentially, the victim is deceived into thinking that the fraudster is associated with a trustworthy entity, and thus they are convinced to make a payment or transfer for seemingly valid reasons.


Zelle Fraud: Top Ten Controls Banks Can Deploy Today to Protect Consumers

There is much discussion happening about reimbursement for authorized payment scams, especially around Zelle and other P2P transactions. As regulators debate how reimbursement to customers should be applied in such circumstances, equally as important is how banks can mitigate the risk of these scams in the first place. Access the report and uncover the top recommended controls banks can implement today to elevate best practices and reduce the impact of Zelle fraud scams. The recommendations in the report are based on experiences shared by fraud practitioners – and go beyond what most banks already have in place.

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Additional scams 
use cases

Impersonation scams

In impersonation scams, fraudsters often adopt the disguise of a well-known organization, such as the police, a customer's bank, their utility provider, or a government department. By impersonating these trusted entities, scammers aim to manipulate and deceive individuals into transferring money to an account under their control. 

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Remote access attacks

Legacy fraud prevention controls have limited or no ability to detect remote access attacks. When a remote access tool is present on a user’s device, the bank’s systems detect a genuine device fingerprint, with no traces of proxy, code injections, or malware, and with the proper IP and geo-location. 

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Request an intelligence briefing

Join us for a 30-minute deep dive with a BioCatch expert to learn the latest tactics, techniques, and procedures (TTPs) fraudsters use to scam your customers and harm your brand.

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