Social Engineering Scam Detection
Detect Advanced Social Engineering Scams
BioCatch analyzes user behavior in real-time to detect when an individual is conducting a transaction under the influence of a cybercriminal, helping banks to protect customers from voice scams and authorized push payment fraud.
Social Engineering Fraud In Numbers
Total losses attributed to authorized push payment fraud in 2020 in the UK
Average amount lost per victim to authorized push payment fraud
Percent of fraud complaints involving 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 APP fraud, are one of the most complicated attack types to detect and are a prevalent form of account takeover fraud.
Voice scams are very simple to execute, but difficult to detect. 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?
Anatomy of a Social Engineering Voice Scam
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Social Engineering Voice Scams
At the heart of every cyberattack is an element of social engineering. From more common attacks, such as phishing, to more sophisticated attacks, such as authorized push payments and voice scams, cybercriminals have impersonations of our most-trusted institutions down to a science. Explore how financial institutions are leveraging behavioral insights to reduce social engineering fraud without impacting the customer experience.