Electronic funds transfer (EFT) fraud and cyber-attacks are closely related, as most EFT fraud starts with email communication. With good spam/malware software in place, most of us don’t realize how many dangerous emails are actually being sent to us. It is estimated that 80% of all emails are spam-related. Let’s explain the terms.
There has been a substantial increase in Electronic Funds Transfers (EFT) fraud attacks in recent months, specifically by way of a method known as social engineering. Social Engineering is the psychological manipulation of people into performing actions or divulging confidential information. During the pandemic environment, in which much of our business is being conducted remotely, these Social Engineering acts of manipulating someone to “voluntarily” electronically send a perpetrator money are increasing in size and frequency. These EFT fraud attacks usually start with a phishing email or a phone call.
Bob Dylan wrote long ago “The Times They Are A-Changin’.” While change is inevitable, it is often resisted. Telemedicine is an excellent example. Most of us have embraced the notion that the best medical care involves in-person doctor visits. The global Coronavirus pandemic required us to reconsider.