Don’t Let Fraud Cost Your Business | HackerNoon

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'Don’t Let Fraud Cost Your Business' fraud socialengineering

The ensuing process usually means following a sketchy looking link or filling out a data input form. This type of activity constitutes what we call in the business a ‘social engineering’ attack. Of course, crude attempts like this are often easy to spot, thanks to improved awareness and security. Unfortunately, more vulnerable or inexperienced internet users do still fall victim.

Therefore, for C-Level executives, there’s a real need to understand the risk of social engineering attacks and to have measures in place that limit the likelihood of them succeeding. In this article, we will look to break down exactly what the term means and explain how fraudsters are using the method to target businesses and individuals alike. Later on, we will detail some potential measures that can be implemented to reduce the effectiveness of social engineering attacks, should they occur.

One of the most well-known forms of social engineering is catfishing. This form of attack has been in the limelight in TV and film in recent years but remains a powerful tool for fraudsters. Catfishing happens when a fraudster creates a fictional persona to earn a victim’s trust. Often, this is achieved by falsifying a romantic relationship with the victim. Alongside causing monetary losses, catfishing attacks can cause personal psychological trauma.

As with any pursuit, the first step to lessening the threat of social engineering attacks is to raise awareness around the subject. Informing people about the different forms of attack and detailing any new trends within the social engineering space is an important start. In a professional context, this can be achieved through mandatory staff training sessions on the topic.

 

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