Signing documents electronically is a solution that has been used due to its efficiency and security. However, this advancement also opened doors to new types of electronic signature fraud, challenging people and companies to adapt to threats that are constantly evolving.
This article proposes to present the main fraud strategies, in addition to making you understand this panorama to the point of being able to anticipate what can be done to guarantee safe transactions, sustaining the trust and integrity of digital processes.
Good reading!
Why has the number of electronic signature fraud increased?
The escalation of fraud in electronic signature It is a phenomenon intrinsically linked to the exponential growth in its use, especially after the advent of the pandemic. This situation has forced companies and individuals to quickly adapt to digital solutions, expanding the spectrum of malicious actions by individuals or groups seeking to exploit vulnerabilities in this new environment.
Getúlio Santos, founder and CEO of ZapSign, said in a interview given to CanalTech, that the increase in the volume of digital transactions has brought with it a proportional expansion in fraud attempts, since fraudsters adapt and improve their techniques to exploit any security breach.
The importance of safety and precautions
Electronic signatures, despite being an advance in terms of security compared to the traditional pen and paper method, require additional precautions to ensure the integrity of transactions. Serasa Experian, for example, showed a 400% jump in fraud attempts on digital signatures in just two years in Brazil, highlighting the need for constant vigilance.
The importance of trust and knowledge about who is on the other side of the transaction, in addition to the use of robust security mechanisms such as multi-factor authentication, Encryption and identity verification, to minimize risks.
Emerging Technologies and Awareness
Additionally, awareness about the safety of electronic signature platforms and verifying the authenticity of documents are essential to avoid scams.
The adoption of technologies that offer an extra layer of security through immutability and transparency emerges as an important ally in the fight against fraud.
However, there is still a long way to go in education and adaptation to these new tools, as we will talk about later.
What are the main types of electronic signature fraud?
Understanding the types of electronic signature fraud is the first step to developing effective prevention strategies, which we will talk about later.
Electronic signature forgery
One of the most direct frauds involves forging the electronic signature itself. This can occur in a number of ways, including manually replicating a digitized signature using advanced editing techniques or misusing digital certificates obtained through social engineering.
Document handling
Another common attack vector is the manipulation of documents after signing. In these cases, the originally signed document is changed, inserting clauses or conditions not agreed upon by the parties. This is often done by taking advantage of vulnerabilities in the software used to create or store digital documents.
Use of fake platforms
The creation of fraudulent electronic signature platforms is a strategy used by criminals to capture sensitive user data, such as personal information and access credentials. These platforms often imitate the design and operation of legitimate services, tricking users into providing their information voluntarily.
Phishing
Phishing attacks, in which users receive electronic messages that appear to be from trusted sources asking them to sign documents, remain a relevant threat. These attacks mainly aim to steal personal information and access credentials.
Interception and redirection
Interception and redirection techniques are employed to capture communication between the user and the electronic signature platform, allowing criminals unauthorized access to documents and signatures. This can be done through attacks on network traffic or by infecting the user's device with malware.
How should companies prevent fraud?
Protecting the integrity of online transactions has become a priority, requiring a robust, multi-pronged approach to mitigate risk. Below, we show the fundamental strategies to protect corporations against these cyber attacks.
Implementation of advanced security tools
The use of advanced technological solutions is essential in preventing fraud. Electronic signature platforms that incorporate multi-factor authentication, data encryption and security tokens provide an additional layer of protection. Companies should prioritize solutions that offer recognized certifications, ensuring compliance and security.
Employee education and training
Cybersecurity awareness among employees is crucial. Training programs that emphasize identifying phishing attempts and the importance of safe browsing practices can significantly reduce vulnerability to fraud. Equip the team Having the knowledge to recognize threats is a vital defense in the war against fraudsters.
Strict identity verification
Adopting a rigorous procedure for verifying the identity of signatories is essential. This may include checking official documents, using Biometry and even video conferencing for visual confirmation. Such measures ensure that the parties involved in transactions are legitimate, minimizing the risk of forgery and identity theft.
Continuous monitoring and risk analysis
Constant vigilance is key to identifying and mitigating fraud attempts in real time. Monitoring tools that analyze patterns of behavior and suspicious transactions can alert companies to potential threats before they materialize. Additionally, a periodic risk analysis can help identify vulnerabilities in the system and promote continuous improvements in security protocols.
Strategic partnerships and sector collaboration
Joining forces with other organizations and participating in cybersecurity forums can provide valuable insights into fraud trends and defense best practices. Cross-enterprise collaboration and sharing threat intelligence strengthens the ability of all parties involved to effectively address security challenges.
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And how can people who work in companies protect themselves from fraud?
In addition to the precautions mentioned above that involve a company as a whole, It is equally important that each person who works there prevents fraud. This requires a combination of vigilance, education and intelligent use of technology, as outlined below.
Authenticity and surveillance
A fundamental step is verifying the authenticity of the documents received and the platforms used for electronic signatures. This involves confirming the sender's identity and using secure channels for transactions.
Digital security tools such as software antiviruses and firewalls are essential to protect devices against malware that could capture sensitive data or compromise the integrity of documents.
Knowledge and continuing education
Staying up to date with digital security practices and the latest techniques used by fraudsters is vital. Attending cybersecurity training and seminars can provide valuable knowledge on how to identify and avoid common pitfalls.
Furthermore, raising awareness about the importance of carefully reading documents before electronic signature is a crucial step to prevent inadvertent consents and fraud.
Verification technology and tools
Employing advanced identity verification technologies like two-step verification adds an extra layer of security. Reliable e-signature platforms often offer these options, making it more difficult for fraudsters to replicate identities or forge signatures.
These tools, combined with strong passwords and careful access management, can significantly reduce the risk of breaches.
Collaboration and communication
Exchanging information about fraud attempts with colleagues and within your professional network helps create a safer environment. Disclosing alerts about new types of scams or discovered vulnerabilities contributes to strengthening collective security.
Likewise, reporting suspicious activities to those responsible for information security in the organization is everyone's duty.
What can we expect from the future of electronic signatures in Brazil?
Electronic signatures are gaining more and more attention due to their convenience and security. In Brazil, a country undergoing rapid digitalization, expectations for the future of electronic signature are promising, but also challenging.
Innovations and security
The trend is that, in the coming years, we will see a continuous improvement in electronic signature technologies, with special attention to security.
The use of blockchain, for example, promises to revolutionize the sector, ensuring an extra layer of verification and transparency in signature processes, making them practically immune to fraud.
This innovation not only strengthens security but also fosters confidence in the use of electronic signatures in an even wider range of transactions.
Expansion and awareness
The expansion of internet access and the increasing digitalization of public and private services in Brazil indicate that the use of electronic signatures will become even more common.
At the same time, an awareness campaign about the importance and security of electronic signatures is essential, demystifying erroneous concepts and promoting a culture of digital security.
This involves not only informing, but also educating users about safe online practices, such as checking the credibility of subscription platforms and protecting their personal data.
Adaptive legislation
In the legal sphere, legislation is expected to evolve to embrace new technologies and provide an even safer and more conducive environment for the adoption of electronic signatures.
The creation of standards clear and updated information on the use of digital signatures, as well as the implementation of mandatory security standards for platforms, will be decisive steps towards strengthening them.
challenges to overcome
Despite the promising future, there are significant challenges to be faced, such as the need for digital inclusion of portions of the population still unfamiliar with new technologies. Furthermore, the constant evolution of fraud methods requires constant vigilance and technological updating of electronic signature solutions.
Therefore, we end this article by inviting you to discover the ZapSign, capable of sending and signing documents electronically quickly, legally valid, and safely so you don't worry about fraud.
Click here to speak to one of our consultants which will explain how our electronic signature platform can meet your company's goals.
