Source: Derek Kravitz, Consumer Reports

A Consumer Reports investigation found that sophisticated scams targeting bank customers are becoming more common. Yet when the depositors make reimbursement claims, the nation’s biggest banks often deny them.

To help convince their victims they are real bank or government employees, cybercriminals are purchasing hacked or leaked customer data—Social Security numbers, bank account details, and purchase histories—for as little as a few cents per person. They are also pursuing specific targets as opposed to sending out emails en masse.

Slowing down the money transfer process for high-dollar or suspicious transactions would likely go a long way toward curtailing such fraud.

Read Full Article: Scammers are stealing billions from Americans’ bank accounts