{"id":102527,"date":"2022-02-07T19:04:57","date_gmt":"2022-02-07T19:04:57","guid":{"rendered":"https:\/\/feedzai.com\/?p=102527"},"modified":"2024-04-09T09:17:47","modified_gmt":"2024-04-09T09:17:47","slug":"5-ways-banks-can-tackle-social-engineering-fraud","status":"publish","type":"post","link":"https:\/\/feedzai.com\/blog\/5-ways-banks-can-tackle-social-engineering-fraud\/","title":{"rendered":"5 Ways Banks Can Tackle Social Engineering Fraud"},"content":{"rendered":"
[vc_row row_height_percent=”0″ override_padding=”yes” h_padding=”2″ top_padding=”1″ bottom_padding=”2″ overlay_alpha=”50″ gutter_size=”3″ column_width_percent=”100″ shift_y=”0″ z_index=”0″][vc_column width=”1\/1″][vc_row_inner][vc_column_inner width=”1\/12″][\/vc_column_inner][vc_column_inner width=”10\/12″][vc_single_image media=”102540″ media_width_percent=”100″ uncode_shortcode_id=”128042″][\/vc_column_inner][vc_column_inner width=”1\/12″][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner column_width_percent=”100″ gutter_size=”3″ overlay_alpha=”50″ shift_x=”0″ shift_y=”0″ shift_y_down=”0″ z_index=”0″ medium_width=”0″ mobile_visibility=”yes” mobile_width=”0″ width=”2\/12″][\/vc_column_inner][vc_column_inner width=”8\/12″][vc_custom_heading heading_semantic=”h3″ text_size=”h3″ text_weight=”400″ uncode_shortcode_id=”808316″]Just as sharks are drawn to blood or bees are drawn to pollen, fraudsters are drawn to money-making opportunities. As <\/span>account takeover (ATO)<\/span><\/a> attacks become more difficult, fraudsters increasingly shift to social engineering fraud scams – and coerce legitimate customers into doing their dirty work in the process.\u00a0<\/span>[\/vc_custom_heading][vc_column_text uncode_shortcode_id=”831775″]<\/p>\n Social engineering fraud is a broad term that refers to scams that exploit a victim\u2019s trust to trick them into providing confidential information that the fraudster uses to commit fraud or convince the victim to give them money under false pretenses. Fraudsters pull off social engineering frauds by studying their targets\u2019 patterns and social media profiles, such as their jobs, where they shop, or other personal details. They can also go door to door pretending to be a legitimate actor like a census taker and collect sensitive information. Another approach uses phishing messages that trick victims into revealing their personal details like bank accounts, credit card numbers, or passwords.<\/span><\/p>\n Armed with these insights, fraudsters reach out to victims using a variety of tactics (including email, text message, or on social media) and tailor a convincing narrative that their victim is more inclined to believe. In other words, they will <\/span>engineer<\/span><\/i> a fraud based on a victim\u2019s <\/span>social<\/span><\/i> profile.<\/span><\/p>\n Fraudsters can use social engineering to commit a variety of fraud scams. For example, they could commit <\/span>authorized push payment (APP)<\/span><\/a> fraud by convincing their victim that they have an outstanding balance on a utility that they need to pay immediately. Once they receive the fake balance, they disappear with the victim\u2019s money. They can also use business email compromise (BEC) to convince a company employee to facilitate CEO or invoice fraud. Or they can also lure victims into <\/span>romance scams<\/span><\/a>.\u00a0<\/span><\/p>\n Fraudsters often pull off convincing scams by studying their targets\u2019 lifestyles. And they\u2019re persistent. If a fraudster\u2019s initial attempt to trick a victim doesn\u2019t work, they\u2019ll tweak it over and over again until they find a strategy that pays off.<\/span><\/p>\nWhat is Social Engineering Fraud?<\/span><\/h3>\n
How Does Social Engineering Fraud Work?<\/span><\/h3>\n
What\u2019s Fueling Social Engineering Fraud?<\/span><\/h3>\n