What is social engineering fraud?

Social engineering fraud is defined as the art of influencing people to disclose sensitive information or granting the fraudster unauthorized access. As opposed to exploiting a secure computer system to access information, criminals are now exploiting a person’s trust through avenues such as email, social media, and mobile apps. While social engineering fraud could involve the classic “advance-fee scam” such as when a vulnerable individual is tricked into sending money to a “prince” in a foreign land, there has been a rapidly increasing amount of sophisticated scams, such as Business Email Compromise (BEC) scams that … Continue Reading