Indonesia ranks social engineering scams as single biggest concern

Fraud is evolving, and it’s moving away from traditional hacking toward 'social engineering'—tricking your customers into authorizing fraudulent payments themselves. A new report highlights that in digital-heavy markets, the majority of scams now originate on social media and messaging apps like WhatsApp. For retailers and operators offering consumer financing, this is a major red flag. When you offer instant credit or digital payment options, your customers become targets for scammers pretending to be your store's customer service or a bank representative. This shift means your traditional security measures might not be enough. Even if your payment gateway is secure, a customer can still be manipulated into handing over a one-time password (OTP) or authorizing a lease agreement they didn't intend to. This leads to high dispute rates, chargebacks, and a breakdown in customer trust. If you operate in the digital space, you need to realize that the 'human' element is now your biggest vulnerability. You must ensure your financing partners use behavioral biometrics—tools that look at how a user types or holds their phone—to spot if a customer is being coached through a fraudulent transaction in real-time.

Source: Finextra — Lending

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