NACHA Operations Bulletin #1-2017
Social Engineering Fraud Against Public-Sector and Other Entities
February 16, 2017
Executive Summary This ACH Operations Bulletin provides information to Participating Depository Financial Institutions and their business customers about a specific type of social engineering fraud that is targeting public-sector entities. Fraudsters have used these social engineering techniques to manipulate public-sector entities into redirecting legitimate vendor payments to accounts controlled by the fraudsters. Although any business entity could be the target of this type of social engineering attack, public-sector entities seem to be specifically targeted because their contracting information is often a matter of public record.
This ACH Operations Bulletin also provides guidance for financial institutions on some steps that they and their Originators each can take to reduce their respective vulnerabilities to this type of fraud.
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