Introduction
In large part, this increase in fraud is the result of
identity theft scams. Indeed, rather than attempting
some sort of high-stakes virtual bank heist for all the
gold in the vault, most online thieves seem content
simply stealing money from every-day customer’s
accounts when they aren’t looking. To do that, they
employ a wide range of social engineering scams,
from phishing and spear phishing emails through to
pretexting and baiting scams.
In response, most banks have doubled-down on
security, stepping up their controls in an effort to
improve their customer authentication processes.
Two-factor authentication (2FA) and multi-factor
authentication technologies have been deployed.
Real-time fraud prevention and detection tools
are being adopted. New limits and step up
authentication protocols for higher risk transactions
have been implemented.
