Anonybit
                     A N O N Y 
B I T
IN THE 
WAKE OF  
SVB: 7 
IDENTITY  
MANAGEMENT  
DANGERS
A B O U TU S
IN THE WAKE OF SVB: 7 
IDENTITY  MANAGEMENT 
DANGERS
The business world is rocking right now. The impact of the Silicon 
 Valley Bank collapse is just beginning to be felt. Some people 
are  saying there is nothing to really do except let it play out and 
try for  find alternatives for short term cash and other safe 
havens in the  meantime. But this is only one side of the coin. As 
we all know, the  money that flows through the banking system is 
what powers our  economy, our businesses, and what puts bread 
on our tables.
When I first heard the SVB news, my initial reaction was that the  
fraudsters are going to have a field day. Already we are seeing 
the  potential impact with call centers being completely 
inundated with  concerned customers, businesses sending emails 
with new bank  accounts and newly released phishing 
campaigns and social  engineering scams being promoted on 
the dark web. My spidey  senses are up and everyone else's 
should be as well. In terms of  what could go wrong, read my 
blog on potential fraud vectors that  people should watch out 
for.
1.Business email compromise - In 2022, Business Email Compromise (BEC) was 
the  second largest category of losses across all reported cybercrimes, with a  
collective $2.7 Billion in attributed financial loss (FBI). In these severe moments of  
stress, employees may be more vulnerable to believing potential attackers 
making  a request for payment using non traditional means and/or confirming 
credentials  that can give them access to take over existing accounts.
2.KYB - Only 5% of financial institutions have an automated B2B or corporate  
banking onboarding process, with 75% of them still relying on Google searches to  
identify Ultimate Beneficial Owners (UBOs), property owner records, annual filings  
and financial accounts. In the fall out of SVB, with so many companies scrambling,  
this is not sustainable and could create another crisis where new accounts are 
being  used to launder money or further other types of fraud as listed here.
Invoice fraud - In the US companies are losing an average of $300,000 per business 
annually  to fraudulent invoices. An example that may be prevalent in the coming weeks is a 
phony  supplier sending an invoice to a business stating that goods have been purchased 
and that the  invoice is overdue, or may intercept an invoice system and give “updated” 
wire instructions for  a payment that is due.
FDIC deposit fraud - Fraudsters call the FDIC and redirect the insurance payment 
and/or  dividend payment into an account they control (see the point below about 
unemployment  fraud)
Outbound call center fraud - Fraudsters may call people with offers to help open new  
accounts, establish access to new credit lines and payroll services. There is typically no 
way  to know who is on the other end, so the best thing to do is take the information and 
go to the  website and call the service provider back.
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