Scammers constantly pretend to bank employees to trick people into exposing their sensitive information, such as their bank details. It's imperative to stay alert and know what your bank will never ask you for over a phone call or an email.
As technology evolves, online fraud is an increasing worry we should be more alert to. Cybercriminals constantly create new scamming techniques to deceive people into giving personal details.
Bank impersonation scams involve criminals who pose as bank employees to trick victims into exposing their sensitive financial information. These may apply several techniques, such as phishing emails, phoney bank phone calls, and fake accounts. Among many evolving tactics, these are some common bank impersonating scams.
Internet banking scams
We all enjoy the convenience of online banking as it makes our lives easier. That is why scammers design internet banking scams. These are designed to exploit the convenience of online banking and trick many users into falling victim.
Cybercriminals may employ malware or phishing techniques to obtain unauthorised access to your online banking credentials. Sometimes they also design fake internet banking sites that mimic legitimate ones in appearance. Still, they have a minimal difference in minor details, such as incorrect URLs (b0v.com instead of bov.com).
To prevent these types of scams, ensure your devices have robust and updated security applications, check your bank statements frequently for unapproved transactions, and keep an eye out for every detail in URLs.
Spoofing
Spoofing is a technique whereby scammers manipulate caller ID or email addresses, so they appear to be from reputable companies such as banks. It can be tough to identify and misleading because it makes people think they are communicating with a trustworthy source. Ask yourself what a bank will NEVER ask you for over the phone. If someone from any contact number asks you for some of the below personal details, it’s a scam:
Account number
Card number
CVV number
PIN number
One-time login passwords or authentication codes
Passwords for internet/mobile banking
Vishing
Short for voice phishing, vishing is a fraudulent attempt where scammers use phone calls to try and trick you into providing sensitive information such as login credentials, card numbers or any other bank details. The scammer pretends to be from a reputable organisation such as your bank and encourages you to cooperate and provide your financial details with a sense of urgency.
Fake social media accounts
Fake social media accounts are all over the place. Some of these are also phoney banking social media pages. Scammers build these fake profiles to gather personal data and trick users into revealing sensitive information. Sometimes they pretend to act as customer care touchpoints to convince people to give them their sensitive details and move a step closer to their finances.
Always make sure to verify the official usernames and the level of followers/likes of social media pages. These can be indicators of a legitimate or fake social media profile.
