Automated, Adaptive, Al-enabled Architecture is a must

Security heads from 2 BFSI companies reveal the key cyberfrauds and strategies to combat them:

- Ravi

The rise in mobile transactions has opened the door to increased cyber fraud. Phishing, smishing, and vishing attacks are on the rise, with mobile devices becoming prime targets for cybercriminals. Exploiting the convenience of mobile banking, hackers deploy malware via deceptive WhatsApp and SMS links. These tricks often lead users to unknowingly surrender sensitive information like banking credentials, personal IDs, and even their entire identities.

NEW FRAUDS

Neha Anand, Vice President and Head of Cyber at Prudent Insurance Brokers, commented:”During the pandemic, these fraudulent tactics escalated as hackers took advantage of widespread fear and confusion, embedding malware into links disguised as essential covid information. We are now witnessing an alarming increase in incidents where criminals gain unauthorized access to funds, often as a result of sharing sensitive financial information over unsecured channels. It is clear: if you are using your phone, you are a target.”

According to Kasiviswanathan S, Chief Information Security Officer at Dvara KGFS, there is a significant trend toward mobile banking, especially among urban and literate populations. Rural individuals and those with limited education and exposure are more susceptible to cyber fraud, highlighting the need for increased awareness among these groups. Common cyber fraud tactics include Smishing (SMS phishing), Quishing (QR code scams), SIM swapping, fake apps, and Clickjacking (an attack that deceives users into clicking on something different than what they intended). Unfortunately, various forms of social engineering are also employed in cyber fraud.

SOLUTION IS IN THE DATA