News
New technology solution promises to stop phishing fraud
May 2016 by Marc Jacob
Both the Federal Bureau of Investigation (FBI) and the Financial Fraud Action UK (FFFA) warned this month of the explosive increase in phishing scams, in which fraudsters spoof an e-mail message from the boss tricking someone within the company to make a bogus payment to the fraudster. The FBI estimates that these scams have cost organisations over £2bn in losses over the past three years.
Unlike traditional scams, spoofed emails rarely set off anti fraud alerts due to the fact they are well researched targeted phishing scams that are aimed at specific individuals rather than part of a mass mail out.
The problem for organisations is that there are no anti fraud technology solutions currently available that help them to prevent this fraud from occurring and as the average loss is around £50,000 without any recourse to getting the money back, it is becoming a serious problem.
Facebanx’s latest anti fraud technology solution, live streaming combined with face biometrics hopes to fill this technology gap.
A Finance Director within an organisation can now simply live stream to their accounts department a broadcast of them agreeing to the transfer and it can be watched in real time or played back later to confirm that money transfer request was in fact official. In addition, the Finance Director can hold up their company ID card within the live stream to confirm they are in fact who they say they are in case the person is not well known within the organisation.
As an added layer of security, the Finance Director would have to login to their account to make the live broadcast by using a combination of face recognition and voice recognition. By using state of the art biometrics to access their account to create the live stream, it would make it very hard for any fraudster to spoof.
Some of the major banks are looking to integrate this technology into their current corporate accounts so that it can be used to prevent phishing fraud.
