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[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 10 sources · 12 days · First seen · Last updated

Financial sector cybersecurity and social engineering fraud

Overview

Financial institutions are increasingly implementing reinforced authentication measures, such as two-factor systems like Certicode Plus, to comply with European regulations. In France, major banks including BNP Paribas, Société Générale, and Crédit Agricole have integrated these mechanisms, with approximately 1.5 million users already adopting them.

However, these technical safeguards are being challenged by evolving fraud tactics. Criminals are utilizing social engineering to bypass digital defenses by targeting human error. This includes impersonating contacts to hijack accounts or using psychological tactics to manipulate individuals into authorizing fraudulent transfers themselves.

This has led to a growing distinction between identity authentication and user intent. In Authorized Push Payment (APP) scams, criminals manipulate customers into authorizing payments through their own devices. Because the user passes all multifactor authentication checks, the transactions appear legitimate to standard security systems. The sophistication of these social engineering tactics is reportedly being enhanced by generative AI.

Entities

Société Générale · WhatsApp · Credit Agricole · BNP Paribas

Timeline

  1. 11 days ago

    [BUSINESS] 2 sources
    Financial fraud evolves as APP scams bypass traditional authentication

    Financial fraud is evolving as APP scams bypass traditional authentication by manipulating customer intent through social engineering, despite valid identity and device verification.

  2. 22 days ago

    [TECHNOLOGY] 8 sources
    Cybersecurity trends: French banking authentication and rising fraud tactics

    French banks are adopting reinforced two-factor authentication to meet EU regulations, while cybercriminals continue to use social engineering and WhatsApp hijacking to bypass digital security.

Sources

1001web.fr · aeiou.pt · artank.fr · cogitotech.com · delcampe.net · foreveryoung.sapo.pt · lachouettemonnaie.fr · melty.fr · sapo.pt · webhelp.com