White paper: Top three frauds in online banking and how to prevent them
In 2021 digital fraud is rampant incurring damages measuring in billions across industries and geographies.
Driven by accelerated digitalization no business is immune from modern digital fraud. Among them—the financial
industry and digital banking are prime targets for fraudsters around the world.
And the fraudsters never sleep. Every hour, the fraudsters develop new methods to scam both banks and users for their own nefarious goals.
Today, to successfully fraud the banks, and their users, fraudsters rely on a powerful mix of hard technical skills, creativity and social engineering prowess.
Conversely, the Top 3 Frauds in Online Banking today are phishing, vishing & mobile malware.
Within these, there are examples of highly technological expertise – like scaling up phishing sites with Google App Engine in a matter of seconds. Or spoofing phone numbers, background music and relying on publicly available social media data to implement complex vishing scams. Among all – the RAT (remote access tool/trojan) vishing scams, usually known as ‘remote support call’ scams are one of the most prevalent today and toughest to prevent.
Mobile malware in banking is a phenomenon on its own. Seemingly everyday there’s a new family of malware spreading through users’ devices stealing critical information and hijacking sessions. From Zeus, Emotet, Anubis to FluBot – fraudsters employ highly technological solutions to gain access to the most important data and distribute the malware.
In this whitepaper, we’re going to dissect these scams in-depth, showcase the most important examples and present the relevant technical details. By the end, we’ll present how organizations can prevent and minimize their impact.
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Please contact the FinTech Futures team to gain access to this free white paper.
