Skip to main content

Recognition and prevention of social engineering fraud in corporate travel

It seems that we can’t go a single day without reading stories of hacking and fraud in the news. Retail stores, financial institutions, hotels and many other businesses seem to be subject to new hacks and intrusions all the time. While many hacks are the result of exploited vulnerabilities in electronic systems, any competent hacker will tell you that the most successful hacks often involve a social component - using human nature to find out information about a person or business and then exploiting that knowledge to commit fraud. This is commonly referred to as social engineering.

We were alerted to the fact that fraudsters have become much more sophisticated in researching companies online and employing social engineering tactics such as calling corporations to obtain specific details from internal personnel about their travel program. Targets of such calls could be anyone from the switchboard operator, to employees in key departments (which are often easily found online) to the corporate travel manager. They learn about corporate locations around the world, organizational protocols, culture, etc. as well as airline ticketing procedures and travel terminology. They then use the “company speak” and “travel speak” they’ve acquired to pass themselves off as employees and persuade real employees to unknowingly help them with their exploits.
Travel and Transport works closely with ARC and has protocols in place to deal with fraudulent activity. We actively educate our travel counselors on the strategies of fraudsters and how to identify red flags, however, it’s important to keep in mind that hackers and con artists constantly enhance their tactics to stay ahead of getting caught and will often directly target corporations first to obtain the information they need. Being vigilant and working together as a corporate travel community to ensure the identities of travelers, to verify the information they provide and to be mindful of the information we’re providing to them can go a long way to stopping fraud before it even starts.
by Mark Dauner for insights.travelandtransport.com
April, 2017

Comments

Popular posts from this blog

Economic crime in the logistics and transportation sector: Systemic and insider frauds can cause more than monetary damage

Transportation & logistics (T&L) companies are facing systemic types of economic fraud such as procurement fraud and bribery and corruption. The sector also has a high percentage of frauds committed by insiders. These crimes pose a serious challenge for a T&L company, since they can cause substantial financial losses and hurt a company’s reputation. According to our 2014 Global Economic Crime Survey, the overall incidence of economic crime in the T&L sector is 34%, up two percentage points from 2011. Asset misappropriation is still the most common type of economic crime in this sector, followed by procurement fraud, accounting fraud, and bribery and corruption.
More on http://usblogs.pwc.com/industrialinsights/2014/12/09/economic-crime-in-the-transportation-logistics-sector-systemic-and-insider-frauds-can-cause-more-than-monetary-damage By Robert McCutcheon, PWC Partner, Industrial Products Sector Leader

8rental.com fake scholarships scam at the US Universities and Colleges

8rental.com fake scholarships scam at the US Universities Read how scammers from 8rental.com, a website set up and managed by crooks in Moldova, defrauded unsuspecting students in US colleges and universities. The scammers from a former Soviet republic exploited a lack of supervision in the system of financial aid and simply posted fake scholarships in a number of colleges and universities in the US. The crooks promised to pay a scholarship in exchange for content written for their website 8rental.com engaged in fraud and scam schemes.
In order to fool the students the scammers proclaimed themselves to be "a European giant of transportation" and made reference to a number of preliminary created fake resources on Crunchbase.com, in Facebook, on Zoominfo.com and some others where they posted fake information about being a UK company in operation since 2000 and employing hundreds of employees. In actual fact, behind this website registered in 2016 there are just 2 crooks from …