![]() ![]() Also, they should explain how a particular type of scam works in detail to the general public in order to raise security awareness. Global Anti-Scam Org also suggested banks and trading platforms enhance automated warnings, reminding investors immediately once a suspicious transaction is detected. He said AI and machine learning tools can “push back and attempt to beat cybercriminals at their own game,” by boosting detection rates and protecting automated systems from compromised. James Brodhurst, principal consultant at Resistant AI, said in a recent PaymentsJournal article that as fintech firms are leveraging software-as-a-service to expand reach of their business, they have to counter web-based fraud-as-a-service tactics deployed “at a level never before seen” and “with shockingly little risk.” Indeed, though the scam targets consumers, the onus often lies with financial institutions to incorporate fraud prevention mechanisms that could flag suspicious transactions, particularly as digital transformation in recent years made it easier for scammers to conduct attacks. While the general public need to learn to identify and avoid scams, “government, financial institutions, and security firms should also take the responsibility to manage the elevating risks,” Jan Santiago, deputy director of Global Anti-Scam Org, told SC Media. The fake websites or apps allow victims to track their investment and show huge gains, often spurring additional investment. After winning victims’ trust over time, they convince the victims to invest in fraudulent cryptocurrency platforms. Pig butchering scammers usually make contact and develop long-term communication with victims through various social media or dating applications. ![]() An FBI warning Monday about the rise in a crypto scheme called pig butchering spotlights the need for financial institutions to implement more sophisticated fraud detection programs amid their own digital transformation efforts.
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