Crooks are selling software that automates social engineering. Bots call targets and ask for one-time passwords that are used to take control of bank, cryptocurrency and PayPal accounts.
The company’s banker was fooled by an AI simulation of the director’s voice plus emailed instructions to transfer money.
Public ledgers mean criminals can take cryptocurrency without revealing who they are, but everyone can still see where it went.
In the 1970’s bankers worked out how to use secure messaging to prevent any discrepancies when making international transfers. The same method would work for international calls.
When a telco that is also a bank appoints a CRO for its banking activities this begs a question about why it does not have a CRO for the rest of its business.
With fewer staff available, but a heightened need to maintain services, telcos and banks may suffer more fraud attacks. Business continuity plans should explicitly cover the management of fraud.
The partnership will use the telco’s data to better protect customers from banking frauds.
The telco unsuccessfully tried to blame the customer’s losses on his bank’s security procedures.
When seeking to reduce crime, the content of a message is as important as the security surrounding that message.
All of the stolen money will now be refunded to the customer, more than three years after it was taken.