One of the biggest risks to an organisation’s cybersecurity for some time has been social engineering. A skilled social engineer doesn’t need technical knowledge to succeed, unlike threat actors that deploy ransomware or zero-day flaws. There has been a noticeable increase in attacks over the past few years due to social engineering scams’ ease of use and profitability. According to statistics from BioCatch, social engineering frauds have increased by 57%.
Social engineering frauds frequently target financial institution customers. Individual victims of these scams risk losing their whole life savings, and the financial institution they work with may also suffer reputational harm as a result, making it difficult to assess the damage done by numbers alone. For instance, a consumer who is conned and discovers they have no recourse through their financial institution is likely to look for a new bank.
SIM hijack Signs and Symptoms
Scammers use social engineering assaults to defraud unsuspecting victims out of millions of dollars every year by posing as trusted officials, such as bank customer service agents. These attacks don’t necessarily require technical “engineering,” which is one of the reasons why they pose such a widespread threat. Scammers try to fool a person into providing them with information that they shouldn’t by impersonating someone else. Your password doesn’t have to be broken in order for a social engineer to use it. Instead, they attempt to get you to give it to them over the phone by telling you there is a problem with your account and that they are here to help. Scam Detect can help you out at just this point.
This form of social engineering scam involves fraudsters posing as representatives of a bank or other organisation and tricking users into making a transaction. There is no technical component to these attacks. People willingly divulge confidential information to social engineers when they receive elaborate and clever scripts designed to gain their trust and confidence. The victim logs into their account after being convinced that the funds need to be moved urgently. Users initiate transfers by following instructions provided by fraudsters and entering information about payees and payment amounts. By completing the transaction, the victim makes a fully authorised transfer that cannot be detected by fraud detection software. The funds are nearly always irretrievable once they have been sent to the scammer’s account.
5 Tips to Prevent Voice Scams
1. Avoid talking to unknown callers
Do not respond to calls from unknown numbers. When in doubt, let the call go to voicemail and then pay close attention to what they have to say. Spoof caller IDs and phone numbers can give the impression of security
After answering a call that seems questionable, hang up and block the caller’s number
Be cautious when answering questions with a yes or no or pressing buttons in response to voice prompts. The scammers frequently discover probable targets for additional robocalls when recipients actively participate in their charades
2. Be wary of social engineering hints
If someone tries to intimidate or pressure you, remain composed. Scammers use tricks like deadlines, threats, and a sense of urgency to trick unsuspecting victims, as it usually works in their favour
Proceed with caution and don’t divulge any critical information if you’re being threatened with account suspension, arrest, or demands for urgent payment
Fraudsters on call might also pose as kind, pleasant, and confident in order to trick their way into your information and bank account. No matter how kind you believe the person on the other end of the phone is being if you feel you are disclosing too much information to them, be wary and hang up
3. Avoid revealing personal information over the phone
No matter how “professional” or assured they sound, be wary of any caller who requests account numbers, PINs, login information, or other sensitive information over the phone. If you have a gut feeling that you are on a phishing call, hang up.
4. Ask for identity proof, if required
Never hesitate to request identification proof from an unknown caller. A caller from a trustworthy company won’t have any trouble identifying themselves, where they’re calling from, and why they’re reaching out to you. On the other hand, fraudsters might hesitate to reveal their identity entirely
Instead of using the number they’ve supplied, take their name and call them back on a number you found on a company website or in corporate documents, to avoid safety compromises
5. Incorporate additional security tools
The addition of additional security layers like TruScore, TruAuth, and TruIDV can reduce risks and demystifies digital transactions. It’s always a good idea to be more vigilant about phishing, vishing, voice fraud, or any other kind of social engineering scam.
TruSense MobilelQ is the core engine that includes a powerful information Orchestrator and Logic Builder. Using relevant data, it can navigate the complex world of security to churn out time-critical information that lowers fraud risks, verifies identities, and authenticates users. It offers precise, real-time notifications of any activity that can indicate activity compromises, especially when transactions are involved. Moreover, it prevents fraudsters from fooling people into exposing confidential information and then bilking them out of money, providing a higher level of security against social engineering voice scams before they occur.