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Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank,...

Heather Hughes and Jeff Taylor talk about fraud fighting tips in Houston.

Category: Fraud Prevention

Fraud Fighting in Houston

Cybersecurity experts come together to provide Regions customers with insight into scams from AI to ransomware.

By Doug Segrest | June 3, 2025

Caroline Vérot Moore looks calm and cool behind a podium. She’s a natural public speaker. But sometimes, even the most composed can’t hide their surprise.

No wonder. The FBI’s latest crime figures on fraud held in her hand seemed to leap off the page as she greeted Regions Bank commercial and wealth clients from across Houston. Matter of fact, the numbers jumped out at everyone.

“In Texas alone, there were 62,000 cases of reported fraud last year for about $1.3 billion in losses,” said Vérot Moore, Regions’ market executive for Houston. “Take that in for a minute: $1.3 billion.”

It’s the threat of fraud that prompted Vérot Moore and Connie Rogers, Regions’ Private Wealth Management regional executive for the state of Texas, to bring together clients, bankers and industry veterans together for A Discussion of Cybersecurity and Fraud Prevention.

“As a bank, we introduce systems and processes that are very sophisticated, that are designed to help prevent fraud,” Moore said. “We also partner directly with law enforcement to share the critical information that we find out.”

“But what we’ve found is the best defense for you is not only when your bank looks out for you but when you also take an active role helping us stop fraudsters in their tracks.”

But what we’ve found is the best defense for you is not only when your bank looks out for you but when you also take an active role helping us stop fraudsters in their tracks.
Caroline Vérot Moore, Regions’ market executive for Houston

Providing details of ongoing fraud trends were Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank, and Heather Hughes, Vice President, Stroz Friedberg Digital Forensics and Incident Response, Aon.

This is the latest in a series of fraud education events across the Regions Bank footprint, with previous stops in Nashville, Tennessee, and Dallas, Texas. Up next: Knoxville, Tennessee.

For 45 minutes, Taylor and Hughes provided customers with an overview of some of fraud’s biggest attack vectors, as well as tips to help stay safe.

 

Ransomware

According to the Internet Crime Complaint Center (IC3), ransomware attacks increased by 12 percent year-to-year, with millions of dollars in losses.

But the caveat: those are only the crimes that we know about. Numerous victims choose to keep the matter private.

Thus, the real cost of ransomware goes beyond a payout.

“Their goal is to shut you down, so that you have pain points, and you have to pay them to get business back up and running,” Hughes said.

But the real damage to the business isn’t limited to ransom. It’s the cost of everything else – rebuilding the infrastructure, protecting clients and returning to normal operations. And there’s another worrisome detail.

“Once they’ve gained access, they are moving throughout your system,” Hughes said. “They’re looking at your payroll, they’re looking at your business, your documents and your intellectual property. They’re looking at your cyber insurance policy (to know how much to ask for).”

But the scariest thing about ransomware is that criminals merely walked through the cyber front door.

“The usual cycle of a typical attack almost always begins with employee error,” Hughes said. “You are clicking on links, you’re opening an email, you’re opening an attachment. That’s why it’s really important to do real-world phishing exercises with your employees on a regular basis.”

 

Email Compromise and Trusted Partner Scams

In the most recent statistics, IC3 reported 21,000 complaints and more than $2.7 billion in losses due to business email compromise.

“During the pandemic, we saw a number of cases where the fraudster posing as a company’s executive would say, ‘I’m working from home today, so I’m using my home email address because I’m having trouble logging in,’” Taylor said.

Unfortunately, this method of scam has only improved over the last few years thanks to technology.

There are a couple of things we are seeing from an industry standpoint: trusted partner and imposter scams.
Jeff Taylor, head of Commercial Fraud Forensics at Regions Bank

“There are a couple of things we are seeing from an industry standpoint: trusted partner and imposter scams,” Taylor said. “This where the fraudster uses impersonation – by using email or caller ID from what looks like a legitimate number.

“They may say, ‘This is Jeff Taylor, your attorney. You need to make this payment to resolve this situation, but it’s not your attorney at all. And the payment is going to an account controlled by the fraudster.”

 

Look-Alike Domains

By creating websites that look like the real thing, scammers will try to lure you away from legitimate business. By paying for search engine optimization, they’ll also make sure their faux site ranks near the top of results.

A common scam is to create imposter sales on social media. Criminals will offer merchandise that looks like the real thing at enticing prices.

Hughes recalled a story where someone she knew bought a designer ski jacket for 70 percent off in March (still prime skiing season). It was an incredible deal – if only it had been real.

“It was not a lot of money, but he had to cancel that credit card and report the crime,” Hughes said. “So, if you see something you like, go to the company’s real website and buy it.

 

Scams Using Artificial Intelligence

As you would expect, these scams are growing as AI becomes more accessible to the masses.

“I’ve got to tell you, this is one of the most heinous ways that fraudsters are using the information to perpetrate fraud,” Taylor said.

Using AI, fraudsters can create sound-alike audio messages of a grandchild or family member in trouble. Of course, their needs are urgent. We’re now seeing deep-fake videos used for nefarious purposes, as well.

Criminals will also use AI to write malware “that circumvents controls,” Hughes said. “And we’ve had cases with deep fakes that have been used specifically on high-net worth individuals or C-suite executives. It only takes a few words to recreate a whole conversation with deep-fake AI. On top of that, they can spoof any number.”

But Hughes also offered a suggestion to anyone concerned.

My advice I give both businesses and family members is, have a code word.
Heather Hughes, Stroz Friedberg Digital Forensics and Incident Response Vice President

“My advice I give both businesses and family members is, have a code word,” Hughes said. “just like we did with our kids at school. Tell your staff, ‘If it’s my voice and my phone number and I’m asking for information or money, ask then for my code word.’”

 

Protect Yourself at Home and Away

Hughes warned that there are perils when you travel and when you chill at home. Free Wi-Fi at airports and coffee shops, for example, can allow criminals access to your personal information.

A criminal “can watch your emails as you type them, watch the movie you’re watching, or see as you log in to your bank account, credit card or social network,” she said.

At home, criminals can use smart devices to do the same.

“You’ve got a smart refrigerator, you’ve got a personal assistant and a smart TV that are all on the same Wi-Fi network that you use for your tablet or phone to do your banking.

“A criminal can get into your network  through your security camera or any of those devices, and move freely through your network,” Hughes said. “And if you are online, they can see what you’re doing.”

Her solution: purchase a $100 splitter that segments your network, keeping access to smart devices separate from personal devices. That way, even if criminals can access your TV or camera, they can’t get to your computer and phone.

“Everybody likes to have smart devices in their home, but no one likes to put controls on them,” she added. “Take the extra step to protect yourself.”

 

Additional Resources from Regions.com

  • Regions Fraud Prevention
  • Protect Yourself and Your Accounts from Fraud
  • Protect Your Business Against Fraud

 

Related Articles from Doing More Today

  • Real ID Scams: 5 Tips to Avoid Becoming a Victim
  • #BanksNeverAskThat – And Neither Does Regions
  • Extra Credit: 4 Fraud Truths to Remember
  • Text Message Scams: 6 Steps to Avoid Becoming a Victim
  • Website Spoofing: The Pain of Look-Alike Domains

 

The information presented is general in nature and should not be considered, legal, accounting or tax advice. Regions reminds its customers that they should be vigilant about fraud and security and that they are responsible for taking action to protect their computer systems. Fraud prevention requires a continuous review of your policies and practices, as the threat evolves daily. There is no guarantee that all fraudulent transactions will be prevented or that related financial losses will not occur. Visit regions.com/STOPFRAUD or speak with your Banker for further information on how you can help prevent fraud.
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