Digitalisation and the risk of ‘social engineering’ – Commerzbank warns of the new cybercrime in FX-MM

In anBeating-Cybercrime-The-weakest-link[1] article for specialist magazine, FX-MM, Commerzbank’s cybercrime specialists in cash services find that in the digital age, it is often the human – rather than the computer – that is targeted by criminals in payment fraud.

Digitalisation has greatly benefitted the corporate transaction environment. In addition to improving efficiency, digital systems have added layers of security infrastructure that can better protect sensitive information. Notably, digital cash management and payment transactions are ten times  more secure than performing transactions using paper.

Yet, as Commerzbank’s case studies highlight, fraudsters are finding new methods to commit theft. Through the use of ‘social engineering’, criminals are targeting employees to inadvertently divulge confidential information – and therefore provide access to funds – to the wrong hands. The bank’s specialists note there are various types of social engineering-derived scams, from ‘CEO/CFO fraud’(impersonating a respected high-level individuals, in order to compel employee to make unauthorised payments) to ‘mandate fraud’ (intercepting communication flows to illegally gain access to funds).

In light of these threats, Commerzbank’s cybercrime specialists have outlined what companies can do to protect themselves, and how to best prepare their employees, including updating employees on social engineering risks and company vulnerabilities, double checking common habits such as misspellings in invoices, and further verifying changes of account details or address.

To read the full article, please click here.

 

 

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