Financial Institution Call Centers Targeted By Social Engineers
One in every 2,500 phone calls to a financial institution call center is a fraud, and each phone fraud call incurs a loss of 57 cents, the report by Pindrop Security says. "We're seeing fraudsters stepping up their games, calling these call centers so well-prepared, and going after accounts with a lot of money in them." Organized crime rings that perpetrate phone fraud use a blend of social engineering and account manipulation to steal money via wire transfers, account clearinghouse (ACH) transactions, and payment cards. Most of these attackers -- 57 percent -- work in groups of two to 12 people, and about half place calls from mobile devices, one third from voice-over-IP lines, and nearly 15 percent from landline phones.