“Vishing, a type of APP fraud, is one of the hardest social engineering scams to detect because it’s essentially a person defrauding him or herself while under the influence of a con artist.” – Avi Turgeman, Founder, CTO, Vice President of Business Development, BioCatch
Conducted through mobile devices, vishing is a scam in which a fraudster poses as a bank representative, or sometimes as some kind of law enforcement officer or government official, in order to trick the target into transferring funds. For example, they might send a text message posing as an official bank alert notifying the subject of an unpaid fee, and demanding that they transfer the money immediately.
BioCatch’s behavioral biometrics platform, designed to look for anomalous behaviors in online sessions that may indicate fraud, is uniquely positioned to help. BioCatch says it has developed a new system that is specifically designed to spot the subtle signs that an end user is performing a transaction under the instructions of a fraudster. It can flag these signs in real-time, immediately alerting bank authorities to what’s happening.
Explaining the significance of the system in a statement, BioCatch CTO, VP and Founder Avi Turgeman noted that vishing “is one of the hardest social engineering scams to detect because it’s essentially a person defrauding him or herself while under the influence of a con artist.” But by analyzing “more than 2,000 potential behavioural parameters in real time that does not disrupt the user journey, BioCatch can discern whether or not a person is being directed by a fraudster,” Turgeman said.
The capability is another feather in the cap of BioCatch’s behavioral biometrics system, and in broader terms another indication of the great potential in behavioral biometrics for anti-fraud and authentication applications.
January 22, 2019 – by Alex Perala