Cybermalveillance.gouv.fr and Mastercard launch the "Fraud Fight Club" to raise awareness among youth

"Fraud Fight Club" is a campaign against social engineering scams based on victim testimonials and social media analysis. Launched by banks, along with the Groupement d'Intérêt contre les cybermalveillances, the Banque de France and several private companies, the event takes place on Instagram and is aimed at 25-35 year olds.

FACTS 

• Consumers are increasingly confronted with the scourge of online fraud, such as emails in the colors of a real bank, timely subscription renewal SMS messages or offers not to be missed, which in reality turn out to be phishing schemes.

• Partners of the initiative: Cybermalveillance.gouv.fr, ComCybergend, Banque de France, Mastercard, Campus Cyber, Crédit Mutuel-CIC, La Banque Postale, FEVAD, LCL, Mercatel, Orange Banque, SG, or Treezor.

• The "Fraud Fight Club" is a digital campaign aimed at 25-35 year olds, which takes place on Instagram.

• The whole campaign will take place on social networks and aims to promote an altruistic, protective and benevolent approach, especially among young people.

• The uniqueness of this program relies on ethnography to understand the relationship between individuals and fraud through the analysis of social networks, conversations and interviews with victims of fraud.

CHALLENGES 

• Millennials are vulnerable to social engineering scams and not always aware of cybersecurity: millennials' digital literacy continues to be an asset in their daily lives, but it is also one of their weaknesses. Young people may act overconfident with this knowledge and lower their vigilance about online fraud.

• Educating households to fight online fraud: Scams are becoming increasingly sophisticated and affect people of all ages, including the digitally savvy. The campaign aims to sharpen everyone's reflexes when faced with fraud attempts, to anticipate fraudsters' moves, find appropriate countermeasures and train them to anticipate fraudulent activities.

• Cybersecurity an issue for the government: the government is aware of the increase in calls for support from households visiting their Cybermalveillance.gouv.fr site over the last 4 years. Of the 3.8 million unique visitors, 92% are individuals, targeting particularly young people who are unaware of the dangers on the Internet, especially on social networks. 

MARKET PERSPECTIVE 

• According to a recent study conducted by the French Banking Federation in October 2022, 51% of French people say they have already been confronted with attempts to defraud bank data. This is especially true for young people aged 25 to 35, who are particularly vulnerable to social engineering scams. Social engineering scams consist of psychological manipulation in highly trusted settings and can betray the victim's trust using terror and painful pressure games.

• According to Dell Technologies research, cyber threats, telecommuting and modern workload risks are real priorities: 

  • 67% are concerned about managing malware and ransomware

  • 70% have identified an increased risk of cyber threats among teleworkers

  • 67% are less confident in protecting their data across all public clouds

  • 86% of companies have been impacted by a cyber threat

  • On average, the median cost of cyber incidents to organizations surpassed the $1 million mark in 2022