Vishing and the Rise of Authorised Push Payment Fraud: How is BioCatch Fighting This Epidemic
Date: February 27, 2019
Time: 11:00am ET
Vishing costs British banking customers millions of pounds every year and has become the fastest growing scam in the United Kingdom, but the risk is not limited to that country. In a typical vishing fraud case, the criminal dupes his/her victims into performing financial transactions. For example, a fraudster may call the victim disguised as a security official from his or her bank and, after establishing trust, coerce the victim into transferring funds from his or her account into the scammer’s account as a ‘security measure.’ This voice-based, social engineering crime is only growing in popularity and is set to cost banking customers even more money in the coming years.
Join us on February 27th at 11 AM as Uri Rivner, cybersecurity veteran and Head of Cyber Strategy for BioCatch as he examines why this con is growing so rapidly and discusses how BioCatch’s newest offering combats the rising vishing epidemic. Using patented, advanced data science and AI techniques, BioCatch analyzes the user’s online interactions in real time and generates powerful insights. Among these insights are indicators that suggest a person is conducting a transaction under the influence of a fraudster. Traditional fraud detection measures do not work in this instance – the real person is logging in from their own device at the correct location conducting a fully authorised transfer. Nonetheless, by analysing more than 2,000 potential behavioural parameters in real time that does not disrupt the user journey, BioCatch can discern whether or not a person is being directed by a fraudster.