Re:T-Mobile Confirms It Was Hacked
by avianlyric on Tuesday August 17, 2021 @05:14AM
(#28207766)
I think you would be surprised how much fraud still happens with strong identity protections.
Here in the UK strong customer authentication and strong proof of identity is a requirement in law, breaching it lands you in significant amounts of hot water. So at the bank I used to work at, identity theft was pretty rare and only made up a tiny fraction of the fraud we saw.
A much bigger share of the pie, and the area that we really struggled with, is customer authorised payments. The customer gets socially engineered into parting with their cash, and as a bank we're expected to reimburse them if we can't prove that we didn't take steps to detect the scam in progress and prevent the customer making the transaction.
Here in the UK strong customer authentication and strong proof of identity is a requirement in law, breaching it lands you in significant amounts of hot water. So at the bank I used to work at, identity theft was pretty rare and only made up a tiny fraction of the fraud we saw.
A much bigger share of the pie, and the area that we really struggled with, is customer authorised payments. The customer gets socially engineered into parting with their cash, and as a bank we're expected to reimburse them if we can't prove that we didn't take steps to detect the scam in progress and prevent the customer making the transaction.