Independent Banker - December 2021 - 22

PORTFOLIO
◎FOCUS FRAUD
Remote authentication
fraud: How to fight it
As more customers moved online, fraudsters took advantage of new
and increasingly inventive opportunities to commit remote authentication
fraud. Experts say community banks can use education, biometrics
and solid cybersecurity practices to fight this growing area of crime.
By Elizabeth Judd
in the domain name system, to trick
a victim into allowing them to have
remote access to the customer's
device, whether it's a tablet or a
computer, " says Alexander Urbelis,
senior counsel at the law firm Crowell
ay a scammer calls a community bank customer and gains their trust by
using information obtained from a major data breach. From there, the
criminal might send them to a fraudulent support page to obtain personal
identifying information. They could ask permission to assume control of their
screen to install keylogger monitoring or other types of malware to obtain data
critical for perpetrating a more ambitious crime down the road.
These types of scams fall under the broad term of remote authentication
fraud, and they're increasingly common-and inventive.
Remote authentication fraud occurs when " threat actors use some form of
pretext or social engineering, often in combination with some impersonation
S
& Moring LLP in New York City.
" To a very large extent, protection
from remote authentication scams
requires an awareness of the
problem, " he says. " When customers
think of banking scams, they think
of phishing emails, bogus webpages
or the old Nigerian 419 scams
with the punitive Nigerian prince.
But the average consumer doesn't
imagine a scam involving a hybrid
of social engineering and domain
name system impersonation that
can result in remote access to one's
entire device. "
Examples of remote
authentication fraud
Education is key to responding to
and preventing fraud. Here are the
22 Q ICBA Independent Banker Q December 2021

Independent Banker - December 2021

Table of Contents for the Digital Edition of Independent Banker - December 2021

Table of Contents
Independent Banker - December 2021 - Intro
Independent Banker - December 2021 - Cover1
Independent Banker - December 2021 - Cover2
Independent Banker - December 2021 - Table of Contents
Independent Banker - December 2021 - 2
Independent Banker - December 2021 - 3
Independent Banker - December 2021 - 4
Independent Banker - December 2021 - 5
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Independent Banker - December 2021 - Cover3
Independent Banker - December 2021 - Cover4
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