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incoming call on an iPhone Incoming call on an iPhone. (Source: Shutterstock)

Fraudsters are meticulous creatures, adept at adapting their methods to skirt common defenses. These pragmatic criminals do what’s easiest and most effective; they do the bare minimum of work for the highest reward. Nowhere is this more apparent than in the financial services industry, where technology placed in the wrong hands has opened the flood gates to more and more identity fraud.

Once community banks and credit unions started calling and texting their account holders to verify out-of-pattern transactions, fraudsters quickly found ways to hijack the telephone communications channel. Using an abundance of breached personal data – easily available on the dark web – fraudsters are now impersonating account holders and requesting changes to the customer or member profile: Notably, the all-important phone number.

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