The art of deception: An analysis of social engineering tactics in financial fraud

Social engineering is a deceptive tactic used by fraudsters to manipulate individuals into divulging sensitive information or performing actions that are against their best interests. It involves exploiting human psychology and emotions to gain trust and access to confidential information, systems or assets. This paper discusses the different types of social engineering techniques used in fraud, including phishing, pretexting, baiting, and so on. It also examines the impact of social engineering on individuals and the measures that can be taken to prevent or mitigate its effects. By understanding the psychology behind social engineering, individuals can better protect themselves from the negative consequences of these tactics, which can range from identity theft and financial loss to reputational damage and legal liability.