• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Buguroo Warns of Growing SMS Phishing Threat

November 4, 2020

Buguroo is warning about the growing threat of SMS phishing, which is more commonly known as smishing. Smishing is comparable to other forms of phishing, insofar as the fraudster will send a message with a malicious link that either leads to a fake website or installs malware on the user’s device when clicked.

Buguroo Warns of Growing SMS Phishing Threat

The difference is that a smisher will send the malicious link via text message rather than through email or some other channel. In many cases, the message will be inserted into an otherwise legitimate text chain between the victim and their financial institution, which gives the message the appearance of authenticity and makes the attack more difficult to spot.

Buguroo notes that many people have a personal relationship with their phones, and are consequently more likely to trust the messages they receive there than they will be to trust messages sent through another medium. People are also not as aware about potential threats to their phones, and do not take the same precautions that they would with suspicious emails.

That combination can make smishing more effective than other forms of fraud, as was demonstrated in a recent series of attacks that targeted the Bank of Ireland. Fraudsters told customers that their card had been compromised, and then sent a link to a fake website that asked users to input their card information to register for a new one. In truth, the website was set up to harvest personal information, which was then used to take over the victims’ accounts.

The Bank of Ireland was unable to spot the fraud because the criminals used real login information. As a result, the organization was eventually forced to reimburse more than €800,000 that was taken from as many as 300 individual account holders, taking the brunt of the fraud losses as it tried to preserve trust and prevent further damage to its reputation.

With that in mind, buguroo argues that financial institutions need better ways to identify fraudsters who are able to steal legitimate credentials. The company advocates for behavioral biometrics, which looks at the way in which information is entered to spot changes that could indicate that a different person is sitting at the keyboard. The bank can then step in to prevent suspicious transactions from going through.

Buguroo has previously warned that the increase in remote traffic has created more opportunities for fraudsters during the COVID-19 pandemic. The behavioral biometrics specialist has since received a European Technology Innovation Award from Frost & Sullivan.

–

(Originally posted on FindBiometrics)

Filed Under: Carousel, Industry News Tagged With: anti-fraud solutions, behavioral biometrics, Biometric, biometrics, Buguroo, financial services, fraud, smishing, smishing fraud, SMS phishing

Related News & Articles

HPE Announces Acquisition of Native Security Startup Scytale

NuData Gets New CEO

Samsung, KDDI Trial 5G Video Streaming at the Ballpark

Primary Sidebar

Learn About Mobile ID and Aviation

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • HID Attains Anti-Spoofing Milestone With Lumidigm Fingerprint Biometrics
  • Video Interview: Learn How Biometrics Are Fighting AI-Enhanced Fraud with Onfido’s Therese Stowell
  • The Path to Biometric Universal Basic Income: Worldcoin Raises $115M in Series C Funding
  • Kenyan Officials Detail Ambitious Digital ID Plan
  • IDEMIA Brings Mobile ID to Missouri

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld