Peer to Peer payments have been around since the early days of digital commerce, and mobile P2P passed the $120 billion mark last year. One in three American consumers use P2P apps to make instant payments to friends, relatives, service providers, or anyone they owe money.
A CFO at a cybersecurity startup receives an urgent email from his CEO, who happened to be on a business trip at the time. “David, we need to transfer $40,000 to X this morning to lock in a discount price from this supplier. The bank details are below. I will be in a meeting so please confirm with me by email it was done. Thank you.” The CEO returns to the office later that day and the CFO proudly tells him that the transaction has been completed.
It’s no surprise that fraud rates soar during this busy time of year for purchasing. But in addition to spoofed websites, suspicious-looking ads and fake links, fraudsters have other ways of disrupting this season of giving and family — ones you may not have considered.
Data breaches at major companies are not slowing down. Last month, Uber shocked cybersecurity experts and customers after disclosing a major data breach that revealed information on 57 million drivers and riders. Not only did Uber keep the breach secret, they paid the hackers a $100,000 ransom to keep quiet.
Social engineering is one of the fastest growing threats to a business’s cyber security. In social engineering attacks, a fraudster works to gain the confidence of a victim and manipulate them to hand over or enter personal, confidential information that can then be used to commit fraud online. In 2016, 60% of enterprises were victims of social engineering attacks. And phishing, a form of social engineering, accounted for 90% to 95% of all successful cyberattacks worldwide in 2017.