Geert Baudewijns (Secutec) "Our Fake Ads Help Banks Identify Fraudsters and Scam Victims"

Belgian cyber-ransom negotiator and Secutec CEO Geert Baudewijns explains how his cybersecurity firm helps banks spot at-risk profiles.

JDN. At Secutec, you run fake ads on social networks to identify high-risk profiles for banks. Can you tell us more about how this works?

Geert Baudewijns. Yes, we do run fake ads, in several languages, on platforms like Telegram, Instagram, or Facebook. These ads promise easy and fast money. They help us attract and identify potential fraudsters and scam victims, and we share this information with banks. For example, the ad might show a well-known wealthy person claiming to have made a lot of money thanks to the platform linked in the ad. Naive individuals will click on it. Sometimes, the ads are about becoming a money mule. In that case, only potential fraudsters will click the link.

How do you identify who they are?

Once they click the link in the fake ad, they land on a page where they have to enter their identity and email address. Some people enter their real names and emails, others use aliases. Even when they use an email that hides their identity, we can still identify them. They often use that same email for other services. So, we can easily find their real identity through data leaks.

Why do banks want this information?

This allows banks to tailor their services to these high-risk profiles. That's why it's not in a young person's interest to become a fraudster. If they're flagged, banks will monitor them for life, and they could be denied loans in the future.

What kind of people fall for these scams?

They're very young. Most are between 16 and 25 years old, especially those looking to become money mules. These are young people who need money quickly and easily.

Are a lot of people getting caught by these traps?

Between three and five people fall for our fake ads every week.

But are there many banks using these kinds of services?

No European bank openly admits to using these services. In fact, many don't even know exactly how we operate. Still, a lot of them are very interested in getting the list of these individuals. There are very few companies offering this service. None of us advertise it. We're able to do this because we have a mandate through our collaboration with government authorities.

This article was automatically translated from French. Read the original version: https://www.journaldunet.com/cybersecurite/1557511-on-diffuse-de-fausses-publicites-pour-identifier-les-potentiels-fraudeurs-et-victimes-d-arnaques-au-profit-des-banques/