La lutte contre la fraude par ingénierie sociale, enjeu majeur aujourd'hui pour les banques et leurs clients entreprises
par Eliot Franklin Djoufack
Université de Strasbourg - Master 2 Juriste Sécurité Financière / Compliance officer 2015
Since 2000, several financial scandals due to financial manipulations erupted worldwide. Two major countries have reacted by adopting new laws to counter such fraudulent practices in the company. The United States through the Sarbanes Oxley Act (2002) and France through the Financial Security Act (2003). However, since the 2010 we have been dealing with new kinds of fraud which are called «social engineering frauds» such as Fake President fraud and its variants. Henceforth, fraudsters could steal millions of euros through phone calls or fake emails. This phenomenon has increased with new technologies and corporate transparency requirements. Now fraudsters have free access to confidential information about the company. According to the FBI, these new types of fraud would have cost $ 3.1 billion worldwide.
The main objective of this study is to identify the major stakes for banks and their corporate customers to implement actions so as to prevent the risk of fraud by social engineering.
It is clear from this study that the consequences of these new types of fraud are disastrous. Human loss is more important than financial loss. This study also highlights the different procedures used by these scammers while proposing ways to identify these new attacks, to thwart, prevent, investigate and correct them. However, prevention including regular fraud training and awareness for all staff remains an effective tool to counter fraudsters while some methods for detection are incompatible with the CNIL requirements.
Keywords: social engineering fraud, fake president fraud, operating mode, prevention, detection, investigation, correction