Criminals target the human behind the digital vault
- Detecting Financial Crime
Hans Sjouke Koopal
Sr Press Officer
Where criminals once focused on cracking physical bank vaults, they now seek access to the digital vaults of bank customers. Due to the robust security systems employed by banks, fraudsters are shifting their focus towards influencing human behaviour. ABN AMRO emphasises the importance of awareness and supports customers in protecting their accounts against these risks.
In the recently published whitepaper , it is explained how criminals use techniques such as social engineering to exploit emotions like fear, trust, and urgency. According to fraud expert Marco Hendriks, modern fraud is no longer about breaking into systems, but about manipulating behaviour. “A simple action, such as clicking a link or sharing a verification code, can have serious consequences,” Hendriks warns.
New Forms of Fraud Demand Vigilance
, using personal data obtained through data breaches or hacking attacks. With this information, they convincingly pose as trustworthy entities, such as banks. Techniques like phishing, spoofing, and smishing are used to deceive customers into granting access to their accounts. Physical methods, such as shoulder surfing (watching someone enter their codes), are still being used as well.
A particularly concerning example is bank helpdesk fraud, where criminals impersonate bank employees over the phone. They persuade victims to transfer money to so-called ‘safe accounts’ or to share personal codes. This often results in financial and emotional harm and can undermine trust in banks.
Innovative Tools from ABN AMRO
ABN AMRO supports customers with various tools that contribute to a safer banking experience. For example, the Savings Lock allows customers to add extra protection to their savings, while push notifications alert them to suspicious activity. Additionally, the Conversation Check has been introduced, enabling customers to instantly verify whether they are speaking to a genuine bank employee.
Marco Hendriks: “We are continuously working to improve security measures to combat fraud. At the same time, we continue to stress that collaboration and awareness are crucial to protecting customers against sophisticated fraud techniques. Ultimately, every customer holds the key to their own digital vault.”