Total losses attributed to authorized push payment fraud in 2019 in the UK
Average amount lost per victim to authorized push payment fraud
Percent of fraud complaints that involved contacts by telephone of which social engineering is a subset
Percent of victims who said that scammers already had their personal information, which was used to target them and get even more information
Social engineering scams using the phone, also known as voice scams or authorized push payment (APP) fraud, are one of the most prevalent forms of account takeover fraud.
Voice scams are very simple to execute, but difficult to detect. The challenge is that the user is on their own device, present in a recognized location, and able to pass all forms of multi-factor authentication if needed. So how can you detect a voice scam in progress?
BioCatch provides financial institutions with immediate behavioral insights that indicate a social engineering scam is in progress, helping to prevent significant losses and better protect their clients and assets.
Here are four ways behavioral biometrics can uncover a real-time social engineering scam:
To detect a voice scam, it is critical to continually monitor a session to reveal subtle changes in user behavior. BioCatch’s solution analyzes more than 2,000 behavioral parameters and generates powerful insights that are used for detecting and preventing fraud. Among these insights are indicators that suggest a person is conducting a transaction under the influence of a cybercriminal.