10/28/2023 – 9:00
A unique business opportunity, an unmissable product promotion, a request for money from a number with a photo of a friend or family member. A financial scam can have several faces and financial institutions are increasingly paying attention to this.
In the financial market, the expressions fraud and scam have different meanings. The first is damage to the consumer caused by a system invasion or a technical vulnerability in the application. The scam is a combination of the actions of criminals and the fundamental participation of the victim.
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Due to the increasingly complex methods adopted by scammers, many are now calling the practice social engineering and companies are increasingly looking at this type of scam.
“The idea is precisely to provoke in the victim a feeling of wanting to reciprocate. This scam is very difficult to detect because those who apply it generally have a lot of information about the victim, and social networks end up being essential for this”, explained Osmany Arruda, professor of Information Systems at ESPM.
Anti-fraud area increasingly plural
In this scenario of scams in which the user is a fundamental part when it comes to giving up their data or making fraudulent transfers, the challenge for banks and fintechs increases even more. Because of this, the anti-fraud sector is increasingly multidisciplinary.
“We work with a combination of data analysis, innovation and multidisciplinary teams to stay ahead of the actions of bad actors, which are also becoming increasingly complex,” stated Nubank.
Artificial Intelligence as an ally
New Artificial Intelligence tools are also allies for companies and customers against social engineering scams. Mercado Pago is one of the fintechs that are using machine learning and generative AI techniques to identify and try to combat the actions of criminals.
The company reinforces that all transactions that go through the platform have more than 5 thousand variables analyzed to ensure that it is a suitable transaction. The bank also has a partnership with Open IA, owner of Chat GPT, to provide predictability to operations and coerce the actions of fraudsters.
“Machine Learning was the first step of Artificial Intelligence. Now, we operate with a closed platform model within a robust data protection system, in which generative AI is applied to create more agility, personalization of customer service and security”, explains Allan Buscarino, Senior Security Manager of Mercado Pago Information.
Awareness campaigns
Most of the scams committed use fake telephone exchanges or messages via WhatsApp or SMS pretending to be from the bank. Itaú Unibanco and Bradesco, two of the largest private banks in the country, have relationship centers where customers can alert them to suspicious messages received.
Bradesco provides the [email protected] for any customer who receives an SMS or messages that they deem suspicious. The bank also stated that the anti-fraud team takes down fake websites daily.
Itaú stated that SMS text messages or calls requesting any document, registration and financial data, chargebacks or making transfers of resources are not the institution’s practices, therefore, they should not be followed as guidance.
Check out other anti-scam tools from the main banks
Nubank: Scam alert, which signals, via notification in the app itself and before the operation is completed, if the customer is about to confirm a transaction for a suspicious account.
Mercado Pago: Trusted Person functionality, a function that allows the user to add a trusted person to report the loss or theft of the cell phone.
Itaú: provides the page itau.com.br/segurança with tips on the topic.
Bradesco: maintains the email address [email protected] so that any suspicious messages can be forwarded by customers.
Box: keeps the website and the telephone number 0800 726 0101 so that the customer can report a scam.
Bank of Brazil: makes available the website with tips.
Santander: keeps the website with tips on how to deal with scams such as fake bills and scammer contacts via fake telephone exchanges.
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