Admitting a massive increase in banking/financial frauds, the National Telecommunication and Information Security Board (NTISB) has warned that there is no technical solution that can eradicate and detect social engineering.
The Board has issued an advisory ‘surge in financial/banking scams & prevention’ while saying that recently, a massive increase in banking/financial frauds has been witnessed using phishing and vishing techniques, mainly due to a lack of cybersecurity awareness at users’ end.
Clients of the banking sector are continuously falling prey to social engineering tactics and malicious applications that look legitimate. Accordingly, malicious actors deceitfully withdraw money from users’ accounts.
Regarding the modus operandi, the Board has warned that financial scammers make use of several attack vectors to exploit victim’s bank accounts. These include;
NTISB has recommended several measures to avoid such attacks. There is no technical solution that can eradicate and detect social engineering; however, safe usage of mobile/computers and compliance with security guidelines is the only way forward. Cyber awareness campaigns regarding financial scams should be arranged at different forums.
In addition, the following protective measures are recommended:
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