Cognitive Shield: Practice of Counteracting Social and Criminal Engineering in the Banking Sector
Problem and implemented solution
Introduction. In today's world, with the development of digital technology and the growth of online transactions, banks are facing the threat of fraud and social engineering. Fraudsters deceive employees and customers by accessing confidential information, which causes financial damage and undermines trust in banks. Rationale for implementing the practice: 1. Analyzing fraud-monitoring: - Identifying weaknesses and identifying areas for improvement. - Formulating hypotheses to reduce the risk of fraud. 2. Training and Simulations:- Interactive learning helps to understand social engineering techniques.- Simulations facilitate learning. 3. Intelligent assistants:- Chatbots and voice assistants support employees in stressful situations. - Increasing employee confidence. The goal of the practice is to create a barrier against fraud using cognitive technology. Objectives:1. Analyzing the processes of fraud-monitoring to identify problem areas. - Formulating hypotheses to improve customer interactions. - Mini-testing of solutions. 2. Implementing cognitive technology to combat social engineering in banks. Solution. Utilize the Cognitive Shield cognitive technology to counter fraud. This technology includes:- Physiological aspects: studying neural processes to understand automatic responses.- Information processes: analyzing information processing to resist suggestion.- Psychosocial determinants: investigating factors that influence susceptibility to suggestion and developing models of financial behavior.
Longlist
Nomination
Platforms And End-to-End Solutions For Government And Public Administration
Topic
International technological platforms
Estimated duration of implementation
From 1 months to 1 year
Implementation geography
The practice has been implemented in Ryazan, Yuzhno-Sakhalinsk, and Orenburg, with potential for expansion in Russian cities. Key areas include: 1. Central Federal District: Moscow and region as financial hubs; Tver, Yaroslavl, Vladimir as banking centers. 2. Northwestern Federal District: St. Petersburg. 3. Volga Federal District: Kazan. 4. Urals Federal District: Yekaterinburg. 5. Southern Federal District: Krasnodar. 6. Siberian Federal District: Novosibirsk and Krasnoyarsk. 7. Far Eastern Federal District: Vladivostok. For BRICS: Focus on localization through events in major cities and online platforms, and partnerships with agencies for innovation support and experience exchange.
Description of competitive advantages
Adopting the practice can offer several competitive advantages, especially in the context of using cognitive technologies. Here are the main ones:
1. Increased trust and reputation:
- Transparency and trustworthiness: Adopting such practices demonstrates the bank's commitment to protecting the interests of customers, which increases trust and improves reputation in the market.
- Social Responsibility: Active anti-fraud efforts strengthen the bank's image as a socially responsible institution.
2. Staff training and development:
- Employee development: Training programs designed using cognitive technologies help employees better understand and recognize social engineering techniques.
- Creating a culture of safety: Continuous training and awareness of employees helps to create a culture of safety in the organization.
3. Competitive advantage in the market:
- Leading innovation: Banks that proactively adopt advanced technologies to counter fraud can position themselves as leaders in innovation and security.
- Attracting new customers: Increased security and trust can attract new customers who are looking for trustworthy financial institutions.
Thus, the implementation of these practices not only strengthens the protection of banking institutions against fraud, but also provides many strategic advantages that contribute to their sustainable development and competitiveness in the market.
List of awards and prizes, media articles about the organization/individual or the Practice
: 1. Winner of the International Competition "HOMELAND: SOCIETY AND PRIORITIES" (2024) for "PSYCHOLOGICAL ASPECTS OF COUNTERING TELEPHONE FRAUD IN THE FINANCIAL SECTOR" 2. Received gratitude from the Central Bank of Russia on 10.06.2024 and 02.04.2024. 3. Gratitude from the Main Directorate of Russia and the Association of Russian Banks (2023). 4. Recognized for organizing the VI St. Petersburg International Labor Forum (2023). 5. Finalist in the "Future of the Financial Market Digitalization" award (2020). 6. Expert interviews: Discussed financial persuasion and fraud prevention strategies in Business Online (8/09/24) and National Banking Journal (2024).
List of scientific works and IP connected with the Practice
Olga Medyanik has developed the “Program for Determining Types of Behavior of Financial Services Users” and databases for assessing financial anxiety and insurance behavior of consumers. She researches the influence of suggestion on victims of financial fraud and is the author of more than 50 scientific papers. Her publications explore topics such as the psychology of the influence of cybercriminals and financial fraudsters on the financial behavior of Russians. Notable studies include “Codes of Psychological Influence on Financial Services Consumers” and “Exploring Cognitive Biases in the Digital Economy.”
