Knowledge-based authentication (KBA) can allow fraudsters access to user accounts at financial institutions. In an analysis of three case studies, fraudsters passed KBA security questions over 25% of the time at all institutions. In one case, fraudsters passed KBA questions at a rate of 92%, while genuine users passed 46% of the time.
The 2022 Voice Intelligence and Security Report from Pindrop analyzed how fraud actors exploit customer service call centers to gain access to user accounts and defraud financial institutions and other organizations.
According to the report, rates of fraudulent phone calls increased in the brokerages and services sectors in 2021 compared to 2020, while decreasing in the retail, credit unions, insurance and finance industries.
In the financial sector, fraud actors targeted call centers to execute account takeovers and targeted interactive voice response (IVR) systems to conduct account reconnaissance. Social engineering remains a top attack method for individuals looking to defraud financial institutions, targeting employees working in call centers.
For more information on the report, click here.