August 25, 2016 — Expert Comment: SMS banking scams, and how they relate to identity theft
Robert Capps, VP at NuData Security, comments the news that attackers are increasingly using creative social engineering led approaches to trick individuals into giving away personal information.
Earlier this week, AdaptiveMobile released a blog post which examined application-to-person (A2P) SMS banking scams, specifically as they relate to identity theft. Attackers are increasingly using creative social engineering led approaches to trick individuals into giving away personal information, allowing an attacker to impersonate a victim resulting in financial gain for the perpetrator. The post also looked at the recent Barclay’s TV advert which examines the same topic.
Commenting on this, Robert Capps, VP of business development at NuData Security, said: “The lack of standard trust indicators in SMS, coupled with the seemingly organic deployment of SMS as a messaging and authentication channel for online transactions, has not only led to consumer confusion. It’s also opened a wide channel for fraudsters to socially engineer consumers into disclosing their personal information.
It’s also not an unique attack. Other convenient forms of consumer communication like email and telephone calls have been utilised by cyber criminals in similar ways in the past, so perhaps it’s no surprise to find creative uses of the same old trick being employed.
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