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Frauds that cost billions: ASEE presented digital innovations in the protection of users and companies

In the world of cyber-attacks, 98 percent of them rely on some kind of social engineering fraud

The first ASEE CyberSafe Showcase, organized by ASEE in Zagreb, focused on the risks and importance of social engineering fraud prevention. In the context of IT security, social engineering refers to psychological manipulation with the aim of revealing confidential information. Around 98% of cyber attacks rely on this technique.

The damage caused by this type of fraud is counted in billions of euros worldwide. The case of Singapore's OCBC Bank, which lost $13.7 million because more than 790 of its customers fell victim to fake text messages, clearly shows the severity of the problem for banks and institutions. Such examples of fraud are also present in Croatia. Mirta Šimunić from ASEE pointed out in her introductory lecture recent articles in the domestic media and announcements by banks and post offices that call for caution. She also cited specific examples of messages in which fraudsters falsely presented themselves in the name of the well-known portal Njuškalo and Hrvatska pošta (Croatian Post). These examples and numerous others clearly show how important it is to educate users and raise awareness of the problem.

Željka Jurić, Product Manager in the Security & Compliance department of ASEE, spoke about protection from spoofing, where the attacker uses the real and registered number of a specific institution to deceive the user and obtain sensitive data through calls or SMS messages. Željka emphasized the importance of continuous investment in advanced technologies and security measures in order to reduce the risk of fraud. One such solution is the Spoofing Protector developed by ASEE for its clients. This solution integrates into the mobile application of a particular institution and protects the end user. The user will be notified before receiving a legitimate invitation from the institution. The notification will not be sent in case of a fake call, and the solution will immediately end the call.

The solution works similarly for SMS messages. If the SMS does not contain a security signature or the signature has not been successfully verified and is suspicious for any reason (time of sending, sender's name/number), the SMS message will be marked as a fraud attempt and will not be delivered to the user.

Dubravko Kovačić, Product Manager for the Security of Payment Solutions of ASEE, held a presentation on the topic of adaptive authentication. He emphasized the advantages of such authentication in payment processes and fraud prevention. Banks want to be sure of the user's identity in order to reduce risk, and users want a simple and fast user experience. A solution that performs multiple levels of identity verification without additional user engagement enables exactly that and reconciles two seemingly contradictory things.

"It became clear that the attackers stopped targeting the technology and found the weakest link - the user," said Dražen Koren from Hrvatska poštanska banka and Dario Matacun from ASEE, who discussed the implementation of this solution in one of Croatia's largest banks. They pointed out that the solution was developed and received its final outlines through close cooperation between the two companies, enabling the bank and its users additional protection.

"The prevention of social engineering fraud is becoming increasingly important as attackers become more sophisticated. We know the importance of continuous conversation on this topic. Our goal is to educate and empower companies to recognize and prevent these threats, and to offer technological solutions to increase security and trust in the digital environment," said Robert Preskar, Director of Security & Compliance at ASEE.

ASEE is one of the region's leading providers of digital solutions, specializing in security technologies and protection against cyber threats. Through innovative solutions and partnerships with leading banks and companies, ASEE continuously works to increase security and protect users in the digital world.


Are you experiencing issues with social engineering attempts targeting your clients? We'll gladly offer guidance and help you protect your business and your customers.

eBook: Spoofing Protection for Combating Vishing and Smishing Fraud in the Banking Sector

If you're struggling to prevent vishing and smishing fraud targeting your customers, this eBook will help you make informed decisions regarding social engineering fraud. Download the ebook to learn how Spoofing Protector detects and prevents mentioned attacks.

Feel free to contact us – zero obligation. Our ASEE team will be happy to hear you out. 

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