Social engineering presents a significant threat to the financial services sector. The Internet Crime Complaint Center reports that 21,832 business email compromise (BEC) complaints were filed in 2022, leading to more than $2.7 billion in losses.1 BEC scams are a type of social engineering that occurs when a criminal sends an email message that appears to be a legitimate request for funds from a trusted source. “We all have to work as hard as the fraudsters do,” said Tracey Santor, a bond product manager specializing in financial institutions at Travelers. If there is money to be made, thieves will look for new ways to break through security processes and systems. With this level of malicious activity, it is important to understand both existing and emerging social engineering threats, as well as steps you can take to help protect your firm. WHAT IS SOCIAL ENGINEERING FRAUD AND WHY SHOULD I CARE? Social engineering fraud is a type of cybercrime that uses behavioral techniques to trick people into sending money or divulging confidential information. Scammers may try to How To Protect Your Financial Services Firm from Social Engineering Attacks Courtesy of TRAVELERS 17 WEST VIRGINIA BANKER
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