Top 4 Australian bank uses behavioral insights to detect 66% of voice scams resulting in reduced fraud losses.
A top-4 Australian bank experienced an increase in successful voice scams perpetrated on consumer and small-business account holders.
These scams are both difficult to detect and investigate, because the fraudster relies on both the equipment (computer, network) and emotions of the victim. After gaining the victim’s trust and inciting them to log-in to their bank account, scammers frequently introduce remote access tools (RAT), giving them full access to the session. In addition to the investigative burden, in some cases the bank reimburses losses involving RAT account take over.