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Report: Sberbank sees surge in fraudulent phone calls to clients

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Report: Sberbank sees surge in fraudulent phone calls to clients

PAO Sberbank of Russia received nearly 2.5 million telephone fraud complaints since the beginning of 2019 — 15 times higher than in 2017, Kommersant reported Dec. 6.

Sergey Veligodsky, who heads Sberbank's department responsible for preventing cyber fraud, said many clients still fail to report such phone calls to the bank. He added that over the last three years, social engineering techniques used by fraudsters to manipulate individuals into performing actions or disclosing personal or confidential information practically replaced more traditional forms of cyber theft, such as the use of malicious software or skimming, according to the newspaper.

Veligodsky also noted that until 2018, scammers would try to obtain data from clients in order to conduct fraudulent transactions independently but now they prefer to manipulate victims to make the transactions themselves — which reduces the effectiveness of bank systems aimed at countering the theft of client funds.