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Customer Service Associate Johannesburg

Dangers behind the fraud industry

2 Oct 2013

The vulnerability of banks and other financial institutions to fraud has increased due to technological advancements and more sophisticated ways on how fraudsters operate. The significant shift in service delivery channels used by banks and their focus on multi-channel technology integration has led to a rise of a lucrative industry for financial fraudsters, which is why TCI has found the need to address these issues at the Banking Channel Fraud Conference taking place on 16 and 17 October 2013 at Focus Rooms, Sunninghill, Johannesburg.

Image courtesy of Pixomar / FreeDigitalPhotos.net

The event will focus on themes such as the banking channel fraud landscape, channel fraud prevention strategies, multi-channel transaction monitoring, fraud detection, improving fraud management strategies and complying with banking industry standards.

The current financial climate is helping scammers behind fake lottery notifications achieve success.

This is according to Daniel Cuthbert, assessment manager at SensePost, who points out that many people who receive fake lottery notifications may have financial problems. "An electronic mail with a quick solution could be seen as their way out," he says.

According to Cuthbert, a user's response to unsolicited mail is, for the most part, psychological. He says spam triggers a response to a situation. "It could be from your bank telling you that your account has been breached, or that some unknown lottery wants to give you a large payout."

Join Daniel Cuthbert and other experts in the field as they uncover the pressures and dangers behind the fraud industry. Contact project manager, Jabu Sibiya on +27 (0)11 803 1553 for more information on registration or email az.oc.as-ict@ofni.