Law Enforcement Authorities Bust Vishing Scam

Article Written By: eccuni

Recently, counter crime agencies in China arrested 23 persons alleged to be involved in a massive voice phishing or vishing scam. Vishing is a type of attack wherein fraudsters try to seek sensitive information over phone call. The fraudsters allegedly targeted South Korean citizens. The arrest follows an agreement between South Korean and Chinese Authorities to combat against vishing scams.

Fraudsters impersonating as representatives of a bank contact legitimate customers over phone and seek sensitive information or urge customers to deposit money in a particular account. They also allegedly impersonate as counter crime officials and seek details over phone. In some cases, fraudsters demand ransom from customers by claiming that they have detained one of their relatives. Over the last three years, South Korea has reportedly suffered loss of over $185 million due to phone fraud.

The attackers are reportedly based in China and used to make independent random calls to avoid detection by counter crime agencies. Chinese authorities are expected to further crack down on culprits.

Fraudsters make use of social engineering techniques to extract confidential personals and financial information. The extracted information could be used for identity theft, producing fake credit cards and conducting fraudulent transactions. In some cases, attackers use Rogue Interactive Voice Response (IVR) systems to defraud users. Victims receive an e-mail, which appears to come from a legitimate bank, wherein they ask users to call on a specific number. Unwary customers, who call on the provided number, compromise their credit card and PIN number.

Counter crime agencies are now required to devote considerable time to resolve cybercrime cases. Frequent instances of cybercrime have led to increased demand for professionals qualified in masters of security science, computer forensics and IT security courses.

Users must be vary of replying to or following instructions provided in suspicious e-mails. Customers must cross-check the authenticity of persons seeking confidential information by directly contacting the respective bank or organization. Online degree, security blogs and e-tutorials may help customers in understanding different security threats and precautionary measures.

Counter crime organizations may collaborate with educational institutions to encourage their employees to undertake online university degree courses to keep themselves abreast of latest developments in IT security and modus operandi of fraudsters.

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