Fraud awareness and cybersecurity

Fraud Type / Scam

Description

1

PHISHING

Fraudsters send emails with links, icons or attachments claiming to be from the bank to trick you into sharing your personal banking information like login credentials, OTPs (one-time PIN) or credit card details. They will send an email with a link to a fake website that looks like your bank’s website. The fake website will ask you to enter your banking login details. Once you’ve entered them, they will use your details to access your account and take your money.

2

VISHING

Fraudsters call you pretending to be from the bank or a reputable company. They may ask you for your digital banking login credentials, passwords, PINs or OTPs. They may also say that the security of your account is under threat and tell you to make payments to secure your account. They make the situation seem urgent and that they need your banking details urgently to save your money from being stolen. Meanwhile, they will use your details to access your account and steal your money. Your bank will never ask for your bank PIN and passwords.

3

SMISHING

Smishing, short for SMS Phishing, is where criminals send an SMS often purporting to be from your bank requesting your personal or financial information such as your account or PIN number. Criminals are aware that people are spending more and more time on their smartphones, but also know that users are often using their smartphones on the go, or when in a hurry, and may be less likely to scrutinise and deliberate SMS’s with suspicious links. Clicking on these suspicious links may install malware onto your phone, or could take you to a spoof website where you will be asked to enter personal or confidential information.

4

IDENTITY THEFT

Your personal information can be used by criminals to assume your identity and acquire bank accounts, or even defraud you.  In some instances, they impersonate you, and using social engineering, access your bank accounts and do transactions.

5

MOBILE BANKING FRAUD

Mobile banking fraud involves unauthorized access to a person’s bank account through a mobile banking app or platform, typically by stealing login credentials. Fraudsters may use tactics such as phishing, SIM swapping, or malware to gain access, allowing them to transfer funds, make purchases, or steal personal information.

6

CARD FRAUD

CARD NOT PRESENT (CNP) FRAUD

Card-not-present (CNP) fraud occurs when a fraudster makes a purchase or transaction without physically presenting the card. This type of fraud is common in online, phone, or mail orders where only card details are required. Scammers often acquire card information through phishing, hacking, or purchasing stolen data on the dark web. CNP fraud can lead to unauthorized transactions, resulting in financial loss for both cardholders and merchants.

LOST CARD FRAUD

Lost card fraud is a fraudulent transaction that occurs on a valid issued card after a cardholder has lost his/her card and is therefore no longer in possession of it.

STOLEN CARD FRAUD

Criminals steal genuine bank cards together with correct PIN numbers. These cards are then used immediately at the nearest ATM to withdraw cash followed by purchases at stores until the account is empty or the card is stopped because the victim reported the theft.

ACCOUNT TAKE OVER FRAUD

Account Takeover Fraud takes place when an existing account is taken over by someone posing as the genuine account holder who then uses the account for their own benefit while pretending to be the genuine account holder.

7

ATM FRAUD

Fraudsters often work in groups to swap cards. One person may distract you while another makes the card swap. The will also “shoulder surf” your PIN, which means that they stand close enough behind or around you to see you type in your PIN. You then leave the ATM with a card that is not yours.

8

ONLINE SHOPPING SCAMS

Fraudsters entice victims by offering a really good deal online via a mailer or Facebook advert. After the victim has paid for the purchase in full, the victim doesn’t receive the goods and when the victim try to make contact with the online retailer, there is no response. They have simply disappeared, and your money is gone.

9

CHANGING BANK DETAILS SCAM

The scam operates by an innocent recipient receiving an email or letter informing them that a supplier of theirs is changing their bank account details. The correspondence will almost certainly include the details of the new account. The letter/email will ask you to update your records accordingly with the consequence that future payments will be made to this account. The details are, of course, fraudulent with the consequence that monies are paid to the fraudster and not the supplier.

10

Loan Scams

Loan scams involve scammers offering loans with low interest rates and easy terms. The scammers will need a payment from the victim to secure the loan. However, once the victim has agreed to the loan, the scammer will disappear with the money.

11

Investment Scams

Investment scams: Fake investment scams involve scammers offering victims high-return investments that are fraudulent. These scams often target people who are looking for ways to quickly make money. They may say there is a new investment market like Bitcoin, for example, and claim that your money can be multiplied in a matter of days. Once you send them your money, they disappear. These scammers normally use fake social media accounts with images of other people in their profile. Always consult your bank or a financial advisor before deciding to invest in something you’re not sure of.