Top 3 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 digitalisation no business is immune from modern digital fraud. Among them – the financial industry and online, digital banking are a prime target for fraudsters around the world.

And the fraudsters never sleep. Seemingly every day fraudsters develop new methods and vectors 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 three frauds in online banking today are phishing, vishing, and 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 even 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 there’s a new family of malware spreading through users’ devices stealing information and hijacking sessions. From Zeus, Emotet, Anubis to FluBot – fraudsters employ highly technological solutions to gain access to the most important data and spread malware across devices.

In this free white paper, we’re going to dissect these scams in-depth, showcase the most important examples and showcase the relevant technical details.

By the end, we’ll present how organisations can prevent and minimise their impact.

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