Social engineering is on the rise, with banking customers being targeted by fraudsters who impersonate their banks and persuade unknowing consumers to willingly handing over their financial details.
Sean Neary, Featurespace Subject Matter Expert in Financial Services who has over 10 years’ experience working in fraud management, shares his insights with The Paypers on the increase in social engineering and how to harness the power of real-time machine learning fraud systems to tackle the problem.
Banks need to tackle this type of fraud as it happens. It’s difficult to detect, but spotting social engineering is all about constantly analyzing consumer behavior as they interact with their bank and spotting changes as they occur.
ARIC Risk Hub, Featurespace’s machine learning fraud management technology is helping banks tackle this problem by using adaptive behavioural analytics to block fraud in real-time.
Read the full article on The Paypers.