Oklahoma Bankers Association We make bankers better!
Several OBA member banks have reported losses recently from a sophisticated form of account takeover followed by mobile wallet fraud.
These losses can accumulate quickly and customer impact can be great. Although this alert (.pdf) is quite lengthy and detailed, we hope it provides you the information needed to be ready when (not if) this scheme targets your area or your customers.
As we’ve stated before, decreasing loss has become just as important as increasing profit. The scammers have upped their game with the use of technology to commit fraud. If OBA can help, please let us know, email sharon@oba.com.