How to combat authorised push payment fraud and social engineering ?
For several years, financial institutions have been subject to many problems. In general, there are difficulties concerning banking risks, money laundering and fraud. The latter is observed in authorised push payments and social engineering. However, there are several ways to fight against these fraudsters who use identity theft to trick agents during transactions. How can we defend ourselves against these individuals?
Protecting the institution against scams and social engineering
The first method of combating fraudsters in authorised push transactions is to protect the organisation in every way possible, please visit here for more information. Indeed, in order to guarantee the protection of your institution, it is necessary to start by securing all digital systems. In addition, to carry out this scam, fraudsters often work through consumers. They deceive consumers by stealing their identities in order to access their assets. Financial institutions must therefore implement security measures such as multi-factor authentication (MFA) and identity certification to combat these fraudsters.
Layered defences with adaptive access
It is very important that financial institutions reinforce the various important positions with really competent and alert people. Fraud often takes place during authentication and payment. Therefore, in order to quickly spot these bad people, it is important to evaluate the behaviour of each customer during the transactions. If you notice unusual behaviour in a customer, you should review the customer's file carefully before giving them access to the authorised push payment.
Change technology and organisational policy
To prevent authorised push payment fraud and social engineering, you also need to think about changes to your computer data and organisational system. True, the processes leading to this change are a bit complex, but they are protective. It also requires time, expense and approval from the authorities. So, to guard against the possible danger of fraud, officers should first check all IT tools to assess their performance. The director can also recruit new efficient staff if the existing ones are incompetent.