As we look back on a decade marked by an ever-growing number of digital threats and methods of fraud – both large and small – there is little to suggest that digital fraud is on the decrease. Despite the fact that society’s and Danske Bank’s defences and security systems are becoming stronger and consumers are becoming better at protecting themselves, the ingenuity of fraudsters continues to grow.
According to Ketil Clorius, head of Danske Bank’s Fraud Management unit, 2020 will be a year where people need to be particularly aware of social engineering. Social engineering is a technique whereby fraudsters use phishing, social interactions and psychological trickery to convince a person or a business to hand over information, which can then, for example, provide the fraudsters with access to data networks or bank accounts.
Top tricks being used by fraudsters in 2020
According to Danske Bank’s anti-fraud team, two methods of digital fraud in particular will come to dominate the first years of the new decade. The first such method is called social engineering. The second method involves duping unsuspecting individuals into laundering money. As a bank, we are working hard to protect consumers and to help consumers protect themselves.