Mitigating Vishing in Digital Banking Through Caller Authentication and Verification Technologies

This paper investigates various caller authentication and verification technologies to mitigate vishing attacks within the banking sector, a significant and growing threat in the era of digital banking. Vishing attacks exploit telephone communications' personal and direct nature to deceive individuals into revealing sensitive information, posing substantial risks to financial security and consumer trust. This paper reviews the effectiveness of several technologies, including Caller ID verification, voice biometrics, two-factor authentication, and blockchain-based authentication. It discusses the application and limitations of these technologies, emphasizing a multi-layered security approach to enhance protection against sophisticated cyberattacks. The review extends to sector-specific adaptations and pilot implementations, highlighting the practical challenges and successes. Future directions for research focus on real-world applications, user acceptance, and the integration of advanced technologies to further secure digital banking against vishing.