Independent Banker - March 2021 - 30

PORTFOLIO
fraudsters anything, it's the chaos
and uncertainty they need to be
successful, " says Steven Estep,
ICBA's assistant vice president of
operational risk.
Much of the fraud occurring
during this time involves social
engineering, which is when a
criminal poses as someone else
to trick customers into divulging
banking credentials or conducting
fraudulent transactions.
Fraudsters are taking advantage of
the fact that many people have gone
through changes to their everyday
routines, such as moving to remote
work or losing their jobs due to the
pandemic, Estep says.
" Understandably, it's been a lot
easier for people to click on links in
a phishing email, " he says. " They
may have been caught offguard
just because of the uncertainty or
because of the desperate times they
may be in. "
◎FOCUS CYBERSECURITY
Stop uncertainty
from fueling fraud
Recent data shows that the pandemic has allowed fraud to grow.
Cybersecurity experts share ways for community banks to prevent
potential attacks, as well as information to pass onto customers to arm
them with fraud prevention strategies. By Katie Kuehner-Hebert
he COVID-19 pandemic has
wreaked havoc in so many ways,
including spurring new cyber threats
involving fraudsters preying upon the
disruption and uncertainty.
Within the first quarter of 2020
T
alone, digital attack rates were 20%
higher than in the prior quarter, and
payment attacks were 49% higher
than they were at the end of 2019,
according to Arkose Labs.
" If this pandemic has given
In fact, many phishing attacks
are aimed at getting people to click
on links related to the pandemic,
according to Jeff Olejnik, principal,
CyberTech practice leader at Wipfli
LLP in Minneapolis.
" For example, one email
circulating [tells] the recipient that
they've been identified as someone
who may have been exposed to
another person who contracted
COVID-19, " Olejnik says. " The email
provides a link for the person to
validate they've received the alert,
but in reality the link enables the
fraudster to download malware onto
the recipient's computer. "
Attacking bank or work systems
Another tactic is when a fraudster
impersonates someone from
the company, such as a human
resources director, asking the
recipient to confirm their employee
benefits selection, Olejnik says.
30 Q ICBA Independent Banker Q March 2021

Independent Banker - March 2021

Table of Contents for the Digital Edition of Independent Banker - March 2021

Table of Contents
Independent Banker - March 2021 - Cover1
Independent Banker - March 2021 - Cover2
Independent Banker - March 2021 - Table of Contents
Independent Banker - March 2021 - 2
Independent Banker - March 2021 - 3
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Independent Banker - March 2021 - Cover3
Independent Banker - March 2021 - Cover4
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