Sberbank Reports Over 5000 Attacks Per Week By Hackers Using Social Engineering

Sberbank, like most global financial institutions are under siege by hackers using a method known as social engineering. 

According to wikipedia, Social Engineering refers to psychological manipulation of people into performing actions or divulging confidential information. A type of confidence trick for the purpose of information gathering, fraud, or system access, it differs from a traditional "con" in that it is often one of many steps in a more complex fraud scheme.

The bank fights these attacks with the help of a a complex fraud monitoring system which includes artificial intelligence. Sberbank is able to stop more than 97% of such attacks - keeping client information and capital safe.

Potential damages from such attacks are estimated to be as high as 700 million rubles.