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Phishing Scams Remains A Pressing Issue In Finance And Fintech

Phishing scams remain one of the bigger issues in the finance industry today. It is a recurring problem and one that continues to affect banks and fintech brands alike. N26 has a new plan to thwart these attacks and protect consumers.

N26 Goes After Phishing Scams

Contrary to what some may think, phishing scams remain a massive problem in finance. A research ZscalerTM report confirms there have been 29% more phishing attempts in the past year. Most of the attempts target users in the US, UK, Singapore, Germany, and The Netherlands. It is not too surprising to see criminals go after some of the more prominent finance hubs globally. However, it means financial institutions and fintechs need to step up their game. 

Fintech player and mobile bank N26 is doing its part. The outfit continues to optimize its fraud prevention technology and tries to thwart online threats to consumers. Moreover,t he team keeps a keen eye on developments regarding Phishing-as-a-Service. It is one of the fastest-growing black market services and poses serious threats to institutions and consumers. Moreover, the “as-a-service” part makes phishing attacks more accessible to bad actors.

N26 Lead Trust and Safety Analyst Kyle Ferdolage adds:

“As a rule of thumb, anything that seems either unusual, out of place or too good to be true, probably is. Some helpful practices include slowing down and not reacting to urgent messages immediately, and instead taking a minute to look into the company or claim to decide whether the request makes sense and comes from a legitimate source. It is best to contact the person or institution directly via a listed or known point of contact to verify the legitimacy of the source before engaging further.”

Ensuring customers are aware of threats and tricks is a fundamental approach. Banks need to help their clients understand these disturbing things exist and educate them on how to protect themselves. Cyber scams, and primarily phishing scams, continue to evolve and become more accessible to criminals. There is only so much N26 and other entities can do, but they remain committed to protecting consumers in every way possible.