Telephone scams How to protect and educate customers?

Melissa López
April 16, 2021

The Judicial Investigation Agency (OIJ) revealed the detection of a group of criminals who, through telephone calls from La Reforma, stole up to ¢ 20 million bank accounts, learn how to avoid being another victim of this type of scam.

As reported by the OIJ so far in 2020, a total of 1,511 complaints related to telephone scams have been received and, it is estimated that only during 2019 the amount stolen by this means was greater than ¢ 5,000 million and a million dollars.

Most of these attacks make use of social engineering, investigating the victim through social networks to obtain personal data and relevant information, which they use to gain the trust of the person, deceive them and impersonate an authentic entity.

Likewise, this form of fraud is carried out using tricks such as threats of account blocking due to outdated data and forms for FCL withdrawal in the event of a pandemic.

Also, cases of banking applications have been detected that just by entering the identity card number, the criminals obtain the email and telephone number to recover the password, later they proceed to call the user and request said code with the scam that is required to block their account since use by third parties was detected.

Faced with this situation, the Costa Rican Banking Association reminds the population that none of its entities requests passwords , pin, tokens, and other sensitive data through telephone calls.

Similarly, criminals have even used applications that clone the number of banking entities to impersonate their identity in this type of scam.

According to the OIJ, these types of scams are on the rise both in quantity and in stolen amounts, so the entity investigates the weaknesses that Costa Rican banking systems may be presenting.

For this reason, be suspicious of any request for personal information on your cards or accounts, since it required the banking entities will ask you to approach a bank branch and NEVER by telephone or mail.

Besides, do not proceed to open sender links that do not correspond to the traditional one of your bank. In case of occurrence, verify this anomaly through the official channels of the bank.

As a result of this situation, Fintech companies are increasingly implementing a greater investment in security, to prevent criminals from easily breaching user accounts.

In the case of Antit, our applications use biometric security to automate processes and provide greater security to our users based on the latest technology for this.

In this regard, FinTechs have tried to stay at the forefront with the implementation of biometric security in the architecture of their applications, as well as sophisticated identification and authentication systems.

By integrating this multifactor into financial applications, the possibility of fraud is reduced just by having the customer's user data.

Among the methods that FinTechs implement to protect the identity and data of users are:

Biometric security works as part of a multi-factor approach via mobile device for unlocking, rather than a password, and logs in.                                                                                                                                                                                            

Antit is a company focused on FinTech development that stands out in this regard, its applications are certified with Deloitte security audits.

Facial recognition makes it possible to verify that the user is authorized to log in, preventing access by third parties.

By implementing this security, FinTechs reduce identity substitution, fraud, and average duration of transactions, systematization, and improvement of the customer experience.

Among its benefits is greater comfort and security because biological measurements are much more complicated to 'hack' than alphanumeric combinations.

The criminals change their strategies according to the current circumstances, so at the same rate, banks must invest in educating their users and respond more proactively to these threats by reinforcing the security of their banking systems.