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RESEARCH & BRIEFINGS

Vishing Fraud – Steps To Reduce Your Company’s Risk

 


A recent Telegraph article concerning a company that was defrauded of GBP1 million by a bogus caller claiming to be from the company’s bank highlights the need for organisations and their employees to be vigilant and to be aware of social engineering-based frauds.

Fraud requires information, which has never been more abundant in an age where data and communication touches every part of our personal and business lives. Illicit access to information is the catalyst of the majority of frauds, and the “confidence trickster” has come of age, using many subtle techniques – and increasingly complex and audacious schemes – to target individuals and the data and systems they control.

Vishing typically targets a specific individual who may have already been identified and researched by the fraudsters using social media data or purchased background information. In many situations, vishing will involve telephone communication. By employing this most trusted form of personal communication, fraudsters typically rely on basic psychology to gain trust.

Find out more about vishing fraud and read our prevention tips in our Adviser.