A caller phones the customer service center at a regional bank and gives just enough information to authenticate himself as a customer. Then he starts asking the service representative for information he has "forgotten" -- and he keeps dialing the call center until he has enough information to open a new account somewhere else.

This form of telephone-based social engineering -- an emerging type of phone fraud -- is becoming a popular method for attackers to collect the information they need to steal identities and commit new account fraud, according to a report by the Aite Group, a research firm that focuses on the financial services industry.

According to "Look Who's Talking: Financial Institutions' Contact Centers Under Attack," 74 percent of financial institutions believe that organized attacks by criminal rings are responsible for the majority of this contact center fraud, often with account takeover as their goal. Read full story on Dark Reading


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