Using Behavioural Biometrics to Combat Social Engineering Scams and APP Fraud
According to a recent report by the UK Finance organization, in 2019 UK Finance members reported 168,376 incidents of Authorised Push Payment (APP) scams over web and mobile channels with gross losses of £379.1 million. This is a 19% increase for web and a 261% increase for mobile from 2018. The problem is most acute in the UK but is not limited to that country. These types of scams are on the rise everywhere. The European Commission has revealed that it is looking into ways to address this vexing challenge. In the U.S., the Federal Trade Commission has reported that 77% of its fraud complaints involve contacts by telephone, of which social engineering scams is a subset. Most recently, the Australian Taxation Office has issued a warning on the rise of this threat.