At the heart of every cyber attack is an element of social engineering. From more common attacks, such as phishing, to more sophisticated attacks, such as authorized push payments and remote access scams, cyber-criminals have impersonation of our most trusted institutions down to a science. Social engineering scams are on the rise globally and represented one out of every three account takeover attacks last year.
Legacy fraud controls are failing to detect many social engineering scams as the cyber-criminal does not interact directly with the banking platform and instead convinces the victim to execute the payment themselves. Traditional device, IP and location-based authentication controls will thus appear genuine. This, combined with the lack of consistent frameworks for defining and measuring this type of fraud, has paved the way for potential disruptions in the form of increased regulatory pressure and a deterioration in consumer sentiment.
Topics:
- The driving forces behind increased social engineering scam activity.
- Potential regulatory actions that could impact reimbursement models.
- Innovative approaches that financial institutions in the U.S. and UK have implemented to mitigate risk.
Learning Outcomes:
- Learn about the scope and scale of global scam activity in the last year.
- Understand how increased regulatory scrutiny could impact reimbursement models.
- Discover new approaches and solutions that can detect real-time social engineering scams.