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Safeguarding your enterprise from social engineering fraud risks
With social engineering frauds on the rise, organizations can no longer afford to relegate social engineering to the bottom of the fraud risk pile
One of the least discussed fraud schemes—social engineering—involves seeking information from unsuspecting victims and using it to dupe/defraud them. Organizations in India have lost several hundred crores by falling prey to such schemes, where typically fraudsters manipulate some aspects of human behavior to persuade employees to share information. The cost effectiveness of this technique makes it very popular across the world, and it can be deployed to extract organizational data as well as personal information. If employees are untrained to respond to requests from fraudsters, it can put organizations at huge risk.
In our experience, social engineering fraud can be avoided by creating awareness among employees on data confidentiality and responding appropriately to fraudsters. This latest point of view document from Deloitte’s Forensic practice in India offers insights on social engineering fraud risks and ways in which organizations can avoid them.