Some Current Scam Trends |Enterprise Security Magazine
In an era where fraud is evolving by the hour, retail banks are experiencing increased total fraud value and volume.
Scammers is keen on committing more frequent, more tech-savvy financial fraud; they will teach many of us the way to be fully dedicated to our work. The fraud scenarios that have increased include identity thefts, account takeover (ATO), card not present, and authorized push payments scams. With more fraudsters gaining ground once a year, leveraging the identical cutting-edge technology the payments industry uses to tackle fraud. the most question here is that during this one-step forward, on-step-back scenario, how can banks and payment processors thwart bad actors and lessen their continuous attacks.
Here are the three fraud trends to be prepared for in 2020.
Top 10 Scam and Breach Protection Solution Companies — 2019SMS spoofing — SMS spoofing could be a tactic accustomed to commit APP fraud. SMS spoofing utilizes technology to impersonate a trusted party sort of a PSP because of the SMS message’s sender. The victims receive messages that appear to be from their banks but, in reality, are from fraudsters and act out instructions believing to be from their PSP.
Social and voice banking — Banking channels, like social and agent banking, develop new avenues for automated payments. Although these new channels’ convenience is visible, these services’ registration processes are still relatively weak with known loopholes. Financial criminals are often the unintentional winners within the race to make exceptional customer experiences.
Deepfakes and voice biometrics — the employment of automatic face recognition to unlock cell phones and use voice biometrics to command intelligent home devices generate Jetson-era excitement until criminals get their hands on them. Here enter deepfakes: AI-created fake images, videos, or audio manipulations. Expect criminals to utilize deepfakes to focus on the C-Suite and PSP’s authentication procedures to commit financial fraud.
Institutional disruption: Fraudsters’ main aim is to form massive-scale campaigns that cause trouble. they will use events like bank mergers or Brexit as reasons to ask the customer to revalidate credentials or update settings. This angle applies to social engineering and collecting customer data for ATO attacks. As we see more mergers and government changes, expect an increase in linked fraud attacks.
