Michigan authorities have accused seven people of pulling off a unique account takeover scheme. The scam targeted Bank of America and involved nearly $360,000 in fraudulent funds transfers. Experts say it all points back to why financial institutions need to improve authentication strategies across the board. Financial institutions have to do more to educate customer support staff about account details and personal information about accountholders, experts say. The scheme was relatively elaborate, and in some cases atypical. It allowed fraudsters to exploit human weaknesses and target specific channels and transactions.”]
Source: https://www.bankinfosecurity.com/takeover-scheme-strikes-bank-america-a-5042