Whether via WhatsApp, call or email: fraudsters are becoming increasingly creative. Oberbank CEO Isabella Lehner reveals how financial institutions are responding to the growing danger. You can also read when the greatest dangers lurk and what you can do to protect yourself.
“That can’t happen to me.” That’s the standard sentence that comes out of your mouth when you hear about a fraud victim who has been scammed out of thousands of euros. A child is in trouble and urgently needs money, the police are moving assets to safety and therefore confiscating savings – these are all lies that have already been discovered. Added to this is the scamming of access to computers because people thought a technician would solve a problem.
“The fraudsters are becoming increasingly difficult and sophisticated – especially when it comes to the emotional component,” says Isabella Lehner. As CEO of Oberbank, the 37-year-old is also responsible for the financial institution’s IT department. “The problem of cyber attacks and fraud attempts is increasing rapidly and is placing enormous demands on us,” Lehner explains.
Central hub for fraud monitoring
Oberbank has therefore installed a central hub for fraud monitoring internally: ‘This allows us to respond quickly and efficiently if the situation arises.’ In the event of unusual transfer orders or payments, customer service is alerted, which then immediately tries to inform the customer.
“If everything points to a highly fraudulent payment, we will report this suspicion. We appeal to you to stop payment and clarify the matter. If everything goes well, you can do it again.” Thanks to these measures, Oberbank has identified and prevented seven-figure potential losses over the past two years.
“When you are stressed, the danger is incredibly great”
“The best transaction monitoring systems don’t help if the victim makes the transfer themselves,” says Lehner. The trap closes faster than you can think: “You think he won’t get you. Especially if you are stressed or quickly do something extra, the chance of becoming a victim yourself is extremely high.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
