Date of Event: 2024-06-24
Event: Global Anti-Scam Summit Europe 2024
Sylvana van Kasbergen from DataExpert presented at the Global Anti-Scam Summit Europe 2024 on efforts to combat bank helpdesk fraud. She began by explaining DataExpert's role in providing fraud detection solutions to banks and conducting cyber security training and investigations. Van Kasbergen focused on illustrating the integration of fraud detection with criminal journey mapping, similar to the Dutch Banking Association's barrier model.
Van Kasbergen shared a specific case of investment fraud investigated by DataExpert. A customer reported suspicious transactions, including one for $4,000 followed by three transactions of $50,000 each. DataExpert's analysis revealed the fraudsters' meticulous preparation, including creating a convincing online presence with trading courses and a trading platform, complete with LinkedIn and Instagram profiles to build credibility.
Fraudsters lured victims through ads on social media and even television commercials. Once victims responded, they were directed to purchase trading courses and set up crypto wallets, which the fraudsters controlled. Victims believed they were engaging in legitimate trading activities, while the fraudsters manipulated them to transfer funds into mule accounts.
Van Kasbergen emphasized the importance of detecting fraud early in the criminal journey. By identifying deviations in customer behavior, such as unusually long internet banking sessions or significant payments to new accounts, banks can intervene before substantial losses occur. DataExpert's approach included blacklisting suspicious accounts and monitoring high-risk behaviors.
She also highlighted the need for flexibility in fraud detection, urging banks to anticipate future data needs and continuously adapt to new fraud tactics. Van Kasbergen concluded by stressing the importance of early intervention to minimize damage and reduce the workload for banks, while also protecting customers from falling deeper into fraudulent schemes.
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