Payments Fraud

Problem

According to the FBI, business email compromise is one of the most financially damaging financial crimes. These seemingly legitimate emails could take many forms, for example:

  • A known vendor sends an invoice with an updated mailing address
  • A company CEO asks her assistant to purchase gift cards as employee rewards, asking for serial numbers so she can email them out right away
  • A homebuyer receives a message from his title company with instructions on how to wire his down payment

The recipients email believe the email is legitimate and take action to initiate a wire payment. Using their bank’s platform or that of a payment provider, the individual completes a wire payment form, providing the amount, currency and beneficiary, and initiating the payment to the criminal.

Solution

Using OLI to predict periods of heightened risk of business email compromise or invoice fraud, we can prompt individuals to verify the legitimacy of the request and the information entered on the form.

Outcome

Fewer requests to process payments initiated through business email compromise or invoice fraud. Less time investigating and recovering payments, better customer experience, and evidence of measures to proactively manage Operational Risk and Operational Resilience.

Find out how to predict and help prevent operational loss

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About BMO

We’re proud to be fueling growth and expanding possibilities for individuals, families and businesses. More than 12 million customers counts on us for personal and commercial banking, wealth management and investment services. As the 8th largest bank, by assets, in North America, we help our customers make the most of their money. In Canada, the United States and across the globe, we’ll continue to build, invest and transform to drive performance that services the good that grows.