Online Fraud: Steps Required To Stop Its Growth

Web Desk — The digital trust pioneer, Callsign, has launched an eBook on ‘Online scams, the psychology of fraud, and how technology can prevent it.’

According to Pakistan Technews, the eBook, written by Richard Shotton and Callsign, is free to download and offers valuable insight and information about online fraud and the steps needed to reverse its exponential growth.

Globally, online scams are estimated to cost the global economy $5 trillion annually. Recent high-profile bank fraud cases in the Asia Pacific region reveal how far criminals will go to steal, trick, or hack sensitive data to realize illegal financial gain.

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Although the education of consumers may reduce the likelihood of them falling victim to fraud, consumers are consumers, while fraudsters are professional criminals, who use sophisticated methods to trick humans and circumvent the technology.

Text messaging is a ubiquitous communication channel, which means that fraudsters can also take advantage of it. SMS OTPs rely on Signaling System 7 (SS7-a technology used by telecom operators since 1975) which is known to be vulnerable to cyberattacks.

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Callsign’s own survey into consumers’ attitudes to technology and scams revealed that only 8% of consumers trust SMS OTPs to communicate with their bank.

Namrata Jolly, General Manager for the Asia Pacific at Callsign, says: “There is a widespread belief that humans are responsible for online fraud. This is not true. Online fraud is caused by technology since many online service providers have not developed authentication methods suitable for the digital age.”