BioCatch has some useful anti-fraud tips for any organizations that are still adjusting to a remote work environment. BioCatch notes that many businesses were unprepared to deal with the sudden onset of the pandemic, and that the unexpected disruption has created many opportunities for unscrupulous fraudsters that are looking to take advantage of the situation.
With that in mind, BioCatch argues that organizations need to maintain steady communication channels and document as much as possible in real time. Doing so will allow anti-fraud teams to respond more quickly, and provide them with an auditable record if a fraudulent incident does take place.
Organizations also need to be adaptable. BioCatch has previously pointed out that people are changing their behavior as they transition to a remote workplace, so behavioral security metrics may not be quite as effective in the short term as people log into secure accounts from new devices and locations. Knowing that, businesses may need to adjust their security practices to address those challenges.
In the meantime, organizations should be wary of malware and phishing attacks. Both the Electronic Frontier Foundation and Yubico have already warned that social engineering attacks have been on the rise since the onset of the pandemic. BioCatch echoes those concerns, and goes on to add that healthcare organizations and financial institutions have been popular targets for cybercriminals.
Anyone hoping to stay safe should be suspicious of any unsolicited requests for money or payment requests that come from unfamiliar sources. That remains true regardless of the channel, whether the request comes directly through email or a phone call, or indirectly through a link, a URL, or a social media post.
While certain systems may need to be recalibrated, BioCatch has consistently advocated for behavioral biometrics as an effective countermeasure against social engineering attacks and phishing fraud.
April 6, 2020 – by Eric Weiss