IT Brief Australia logo
Technology news for Australia's largest enterprises
Story image

Are banks, social media and telcos to blame for scam explosion?

By Shannon Williams
Mon 27 Sep 2021

Consumers think banks, retailers and mobile operators need to do more to protect them and their personal information from fraudsters. new research has found.

Trust in these organisations is eroding fast because consumers say they are overwhelmed by scam messages from fraudsters spoofing brand names daily.

According to the Callsign, research, the problem has become so pervasive that consumers mistrust the technology, processes designed to protect them from fraudsters and confirm identities with many adamant that users must prove beyond doubt who they are when logging in to use a platform, and that there should be an online identity system to quell the surge of scams.

"Callsign's data demonstrates that consumer trust in our digital world has vanished and, rightly or wrongly brands, are being blamed," says Stuart Dobbie, senior vice president, innovation, Callsign.

"Yet the sense is that little is being actually done to purposely re-establish digital trust through complete and accurate digital identities," he says. 

The survey of global consumers – including Hong Kong, India, Indonesia, Philippines, and Singapore - revealed that almost half (45%) of consumers say their trust in businesses such as banks, retailers, mobile network operators and delivery companies, has decreased due to persistent scams spoofing brand names. With global consumers (42%) asking mobile network operators to do more to stop scammers using their platforms, and a third (33%) asking the same of banks.

People claim to have received scams through email (67%), SMS (57%), phone (46%), messaging apps (33%) and social media (23%) in the last year. But over a third (37%) of global consumers don't know where or who to report a scam message to, or simply get too many to bother (34%). Over half of all consumers don't trust organisations to keep their data safe; 43% of scam victims react with suspicion wanting to know where fraudsters got their details.

"The solution lies in re-thinking how we fight fraud and how we identify people online. Current approaches tackle both challenges by only identifying fraud," says Namrata Jolly, general manager - Asia Pacific, Callsign. 

"The problem with this approach is that a fraudster using stolen credentials looks like a genuine user gaining access to accounts or executing transactions. If instead fraud strategies look to positively identify only genuine users, this automatically and simultaneously prevents fraud."

Callsign's technology involves the layering of behavioural biometrics over threat detection, device, and location data. Through a swipe of a phone, typing pressure, mouse movements or device angles, users can be personally recognised to a 99.999% accuracy. Organisations eliminate one point of failure in the authentication process and achieve two-factor authentication with minimal friction.

"With consumers feeling the brunt of perceived inaction by organisations, it's no surprise that they are asking for more protection," says Jolly.

"If we continue to be unable to know and trust that the person is who they say they are online, large parts of our society will stop working."

Dobbie adds, "Digital Trust is about the confidence we have in the technology, processes, and people to secure our digital world. 

"Digital Trust is underpinned by digital identities, and the fact that scams are running wild proves that our digital identities are well and truly broken," he says.

"It's time to re-think fraud prevention strategies, identifying genuine users through their behaviours will allow us to identify users online and re-establish digital trust."

Related stories
Top stories
Story image
Cybersecurity
‘Windows shops’ target admin rights to de-risk their environments
New data shows up to 75% of critical vulnerabilities could be mitigated through a rights and privileges crackdown
Story image
IDC
Collaboration app market revenue grows 28.4% year-over-year
IDC has found that global revenues in the collaboration applications market grew 28.4% year-over-year in 2021 to $29.1 billion.
Story image
Facial recognition
Benefits vs risks of facial recognition technology
Once a distant, futuristic concept, facial recognition technology is now found in many technological applications with a variety of different functions. 
Story image
Cybersecurity
Study looks at gender dimensions of AU security sector
A new study will explore solutions to overcome pressing skills and diversity challenges in the Australian security sector.
Story image
Schneider Electric
Schneider Electric launches SM AirSeT in Australia
The new medium-voltage switchgear uses pure air and vacuum interruption, completely avoiding SF6 greenhouse gas.
Story image
Training
The Sydney Business School extends its SAS collaboration
The Sydney Business School at the University of Wollongong (UoW) has recently extended its collaboration with SAS in order to meet the growing demand for skilful business analytics professionals.
Story image
MarTech
CM Group recognised as Best Overall MarTech Company
MarTech Breakthrough has ranked CM Group as the Best Overall MarTech Company for the third year running and Cheetah Digital as Best Overall Marketing Campaign Management Solution.
Story image
Unified Communications
Gold Coast private hospital improves comms with Alcatel-Lucent Enterprise solutions
With further demands placed on health workers as a result of the pandemic, they need efficient and adaptable solutions that help them effectively serve their communities.
Story image
Microsoft
Avast reveals zero-day exploits targeting Chrome and Microsoft
Avast, released its Q2/2022 Threat Report today, revealing a significant increase in global ransomware attacks, up 24% from Q1/2022.
Story image
Collaboration
Lacework launches new capabilities for better threat detection
Lacework has announced new capabilities that enable organisations to uncover more critical threats to their infrastructure and empower teams.
Story image
Australian Defence Force
Cloudera and ADF partner for e-health management system
The Australian Defence Force (ADF) has selected Cloudera as a strategic data partner to help transform its e-health management system.
Story image
Digital Transformation
Top tips for making your finance transformation program a resounding success
Planning to make 2023 the year you embark on a wholesale finance transformation program? It’s a move that will stand your enterprise in excellent stead as you navigate the complexities of the post-Covid business landscape.
AWS Marketplace
Learn how security orchestration, automation, and response (SOAR) enhances your security strategy.
Link image
Story image
Mobiles
Demand grows for future-proof mobile access solutions
HID Global, in partnership with IFSEC Global, recently released the 2022 State of Physical Access Control report for the fourth year running.
Story image
Data
Workday research finds A/NZ organisations becoming leaders in digital agility
New research from Workday and IDC has revealed that Australia and New Zealand are becoming leaders in digital agility.
Story image
Hybrid Cloud
The essential guide to digital transformation by SolarWinds
Digital transformation is a buzzword thrown around all the time by companies, but what does it actually mean and why is it important? SolarWinds breaks it down.
Story image
Biometrics
Can biometrics help? 123% increase in Gen Zs scammed online
In the three years leading up to 2022, the number of Gen Zs who fell victim to online scams rose by 123%, according to Ping Identity.
Story image
Customer experience
Scope Australia selects NICE CXone platform to streamline operations
One of Australia’s largest providers of disability support services, has chosen the NICE CXone platform to help streamline its contact centre operations.
Story image
Malware
Kaspersky uncovers new attacks by advanced persistent threat group
The attacks involved modifications of the well-known malware, DTrack, as well as the use of a brand-new Maui ransomware.
Wiise
Discover why a localised cloud ERP is the way to go for Australian businesses.
Link image
Story image
Cloud Security
Tenable makes additions to Cloud Security portfolio
Tenable has announced additions to Tenable Cloud Security that represent the next step in assessing threats related to cloud vulnerabilities.
Story image
Artificial Intelligence
Appier achieves historically high growth rate of 56% YoY
"Our strong momentum over the past two quarters underscores Appier's significant growth alongside our customers."
Story image
Artificial Intelligence
Is your chatbot bringing down the customer satisfaction score?
The top 10 reasons why chatbots are failing to meet customer expectations and what you must do to avoid that.
Story image
DevOps
Dynatrace extends application security capabilities for runtime environments
Dynatrace has announced that it has extended its Application Security Module to detect and protect against vulnerabilities in runtime environments.
Story image
JLL
Investment in APAC cold storage to reach $5 in next decade
Investment in Asia Pacific’s cold storage market is expected to grow fivefold in the next decade, according to JLL.
Story image
Low-code
Video: 10 Minute IT Jams - An update from Mendix
Mendix is a low-code platform used by businesses to develop mobile and web apps at scale, and Jornt joins us today to discuss how these offerings work, and what benefit they have in the development process.
Story image
Tech job moves
Tech job moves - Fastly, INX, Kinly, SmartBear & Vectra AI
We round up all job appointments from July 29 - August 12, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Digital Transformation
Federated change is the best path to digital evolution
Businesses that can successfully manage the exponentially expanding masses of data produced by modern consumers will be the businesses that survive and prosper.
Story image
Email scams
HelpSystems shines light on impact of response-based threats
Response-based attacks targeting corporate inboxes have climbed to their highest volume since 2020, representing 41% of all email-based scams.
Story image
Data analytics
Pressure on orgs to up their data analytics game - study
A recent report from Sisense highlights data transmission, analysis, and risk management remain top concerns for data professionals in APAC.
Story image
Artificial Intelligence
Concentric AI protects sensitive data with new capabilities
The new capability reveals sensitive data shared across email and business messaging platforms and highlights who has inappropriate access to content.
Story image
Artificial Intelligence
Gartner unveils key emerging tech to watch in 2022
"Such technologies present greater risks for deployment, but potentially greater benefits for early adopters," says Gartner.
Story image
Blockchain
Australian Grand Prix uses CENNZnet blockchain for fan experience
CENNZnet was employed by Power'd Digital to deliver the Formula 1 Heineken Australian Grand Prix's 2022 AusGP Access program.
Story image
Contact Centre
Treasure Data launches new customer experience functionality
Treasure Data has introduced a new strategic vision and product positioning for Customer Data Cloud, reflecting the company's focus.
Story image
Ransomware
Sophos reveals latest ransomware trend impacting orgs
Sophos has announced in a new whitepaper that Hive, LockBit and BlackCat, three prominent ransomware gangs, consecutively attacked the same network.
Story image
University of Melbourne
The University of Melbourne implements data ecosystem with Talend
Talend has announced that The University of Melbourne (UoM) has selected Talend Data Fabric for its cloud data platform.
Story image
Cybersecurity
Education sector seeing highest volumes of cyber attacks
When breaking down the numbers to education attacks by region in July 2022, A/NZ was the most heavily attacked.
Story image
Data Protection
Safeguarding your financial data
As the digital revolution marches on, managing data security has never been more important. Here are five important steps to take toward better financial data security.
Story image
Digital Transformation
Why it is imperative to keep up with technology advancements
Technology is constantly evolving, which is why digital transformations can often be complicated. What legacy items stay? Will the new and old work together? Or is there a whole new system that we need to introduce?
Story image
Augmented Reality
TeamViewer remote access software integrated into RealWear Cloud
TeamViewer has announced a major expansion of its partnership with RealWear, a leading provider of assisted reality wearable solutions for frontline industrial workers. 
Story image
Data Protection
Advancing genomic sequencing and public health with digital infrastructures
Right before our eyes, we've witnessed the development of the COVID-19 vaccine in record time. An enormous achievement in an otherwise lengthy task that previously took, on average, 10-15 years.
Story image
Lucid Software
Lucid Software expands enterprise offerings with enhanced slack apps
Lucid Software has expanded its enterprise offerings with enhanced slack apps for its Lucidspark and Lucidchart technology.
Story image
consumers
Data protection: How SMEs can secure online consumers’ trust
Consumers believe how a company treats their data reflects how they treat their customers, according to a new survey.