How to stem the rising tide of fraud



In a recent BBC article, for the UK, it was reported that nearly 45 million people received fraudulent calls in three months. This relates to data compiled by the UK broadcasting regulator – Ofcom.

Based on the level of scams hitting the UK, the level of fraud is equivalent to the equivalent of £ 2,509 ($ 3,000) per year for each victim. When phone calls are dropped, the impact becomes greater for someone who is a victim of online fraud.

Looking at the news and the marked increase in scam activity for Digital journal is Benoit Grange, who is the Chief Technology Evangelist at OneSpan.

Grange begins by charting the current trajectory of fraud and observes: “Throughout 2021, there has been a constant stream of reports like this one from Ofcom pointing out that fraudulent scams continue to originate from the mobile channel. . “

Through such mass media, Grange notes how: “Fraudsters are able to conduct these large-scale fraud campaigns with complete anonymity – and little or no protection in place to prevent these malicious communications from reaching the users. consumers.

Of particular concern are the tactics and methods used by fraudsters to try to get people to walk away with their money. Grange says, “The social engineering methods deployed by fraudsters are designed to exploit and mislead people, especially those who are less digitally savvy.

While call authentication systems exist that can help stop some fraudulent activity, they are rarely sufficient.

This means: “User error is – and always will be – the biggest threat to online security, so consumers should be educated on how to identify a fraudulent message or fraudulent call. “

Therefore, says Grange, a different response is needed from the government. He is of the opinion: “Fraud is so prevalent today on mobile and digital channels that we urgently need a collective effort from large tech, telecommunications and social media companies as well as the financial sectors. and the public to fight fraud with a modern approach to security.

An appropriate response also demands that: “Banks and FIs continue to invest in the latest anti-fraud technologies such as passwordless authentication with biometrics and AI. In addition, it will be just as important to rethink how we fight scams targeting consumers in the first place in order to protect the most vulnerable. “

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