The 2020, every second fraudulent transaction in financial sector it was account breach, as it reveals research of Kaspersky Fraud Prevention. According to statistics from anonymous sources for events identified by Kaspersky Fraud Prevention from January to December 2020, the rate of these incidents increased from 34% in 2019 to 54% in 2020. Two tricks for accessing bank accounts – the “rescuer” and the “investor” – remain among the most common from 2019 onwards.
The importance of digital financial services and e-commerce increased in 2020, with people spending more time at home as a result of the pandemic. Kaspersky experts say this has led to an even greater use of social engineering techniques by cybercriminals. This is why it is so important for both financial institutions and their customers to be aware of typical malicious systems and to be able to protect themselves. In addition to the increase in successful account breaches, in 12% of fraud cases, the legal Remote Management Tools (RAT), such as TeamViewer, were misused in an attempt to gain access to user accounts.
Kaspersky Fraud Prevention’s team notes that there were two common types of approaches used by attackers to gain access to accounts – both as a continuation of similar trends observed in 2019. In the first tactic, fraudsters disguise themselves as the “rescuer”. pretending to be security experts trying to “save” users. They call bank customers pretending to be security officers and report suspicious charges or payments and offer their help. The “rescuer” can ask customers to verify their identity with a password sent in a text message or push-notification, in order to stop a suspicious transaction or transfer money to a “secure account”. They can also ask a victim to install a remote management application pretending to be needed to solve problems. Scammers often present themselves as employees of the largest bank in the area of the potential victim and use a forged ID for incoming calls to look like a real bank.
The second example is where cybercriminals act as “the investor”. This scenario involves fraudsters pretending to be employees of an investment company or investment advisers from a bank. They invite customers to offer them a quick way to make money by investing in cryptocurrency or shares directly from the customer’s account, without having to visit a bank branch. As a condition for the provision of the “investment service”, the “investor” asks the prospective victim for the code he received in a written message or push notification.
“Bank customers are particularly concerned about the ease of access to their accounts and the execution of key financial operations. And now this has become very important. This is why we believe that solutions for the financial sector should provide a high level of security measures – including fraud protection – that are seamlessly integrated into the user experience. “And of course, it’s worth reminding customers regularly of fraudulent techniques so they can see if something looks suspicious.” explains the Claire Hatcher, Head of Business Development at Kaspersky Fraud Prevention.
To help individuals and businesses stay protected from ever-changing fraud techniques, Kaspersky recommend online services and in retailers to adoptn the following measures:
- Limit the number of efforts to conduct a transaction. Digital criminals may try several times to enter the correct information.
- Train your customers about possible tricks that criminals can use. Send them regular information on how to detect fraud and how best to respond to this situation.
- Conduct annual security checks and penetration tests to find security issues in a company’s network.
- you have one fraud analysis team able to find and analyze the emerging methods used by fraudsters.
- Apply Multi-factor authentication to minimize the possibility of account breach.
- Install a fraud protection solution which can be quickly adapted to detect new attack systems and methods.
The Kaspersky Fraud Prevention report is based on digital crime-related incidents and data identified by Kaspersky Fraud Prevention after a thorough analysis of consumer behavior in the banking and e-commerce sectors. To find out more about the major fraud companies facing companies, read the full report here.
Source: Digital Life! by www.digitallife.gr.
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