Top Five Vulnerabilities that Enable Phone Fraud

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Automated phone systems

Fraudsters can also steal from you and your customers without talking to a representative. Automated systems or IVR’s (interactive voice response) systems provide a wide range of account activities that allow a fraudster to make substantial inroads to taking over an account. As with a live rep, getting an account address, email or phone number changed can allow a fraudster to order a replacement credit or debit card and then clean funds out of an account. And they only need access to the account for a few hours prior to detection to be successful. In addition, fraudsters will check account balances on accounts to identify high value targets.

Phone fraud is a multimillion-dollar industry led by professional, organized hackers that impacts consumers in their homes and on their phones. It also impacts businesses, both through individual employees and call centers. Financial institutions are at the center of this world – they are both targeted by attackers and impersonated by attackers to steal from consumers.

The phone system presents a perfect storm of characteristics, both new and old, that invite this malicious abuse. Pindrop Security CEO Vijay Balasubramaniyan has identified five vulnerabilities that enable phone fraud.

 

Related Topics : Verizon Wireless, Nortel, Cox Communications, Transport Layer Security, IPTV

 
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