Shazam! Experts Fell For a Fake Product From A Nonexistent Company In A Fraud Test

Cyber security pros and risk analysts should be better than the average person at detecting fraud, but a little over three percent submitted their personal identification information to sign up for an app described as “Shazam for voice identification.”

Credit Trulioo, a global identity and business verification company, which launched an online fraud experiment to evoke some interest around International Fraud Awareness Week. (It was also National Nurse Practitioner Week and Dear Santa Letter Week and almost overlapped with Intimate Apparel Marketing Week.)

Trulioo said that despite the abundance of online resources and press coverage on fraud and fraud prevention, the Federal Trade Commission (FTC)  received nearly 2.7 million fraud complaints in the United States last year.

So Trulioo set out to learn whether fraudsters, under the guise of a fake company, offering a fake product, could convince internet users to disclose their personal information.

It created a web page for a fictitious company called Agile ID Technologies, offering a fictitious mobile app, “Aurdentity”. Marketed as “Shazam for voice identification”, the fake mobile app claimed to use voice recognition technology to not only identify people when exposed to their voice, but also retrieve background information about them.

Trulioo ran a week-long campaign that delivered ads to compliance professionals, fraud and risk analysts, and other individuals who showed an interest in data privacy, cybersecurity and technology, and may even have had credentials. They were directed to a fake company’s web page where visitors were asked to sign up for Audentity by providing their personal information including name and email addresses. None of the information was recorded or stored, unfortunately eliminating the possibility of followup interviews.

The campaign resulted in a total of 2,139 unique visits to the fictitious company’s website. Of those visitors, 66 people completed the sign-up form.

About Tom Groenfeldt

I write - mostly about finance and technology, sometimes about art, occasionally about politics and the intersection of politics and economics. My work appears on Forbes.com and International Finance Magazine. The Financial Brand ranked me 20 on a list of the top 25 global influencers in financial services and Jay Palter included me in his list of 250 fintech influencers to follow in 2016 http://bit.ly/1SSRXC6
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