Linas Sadeckas, head of Luminor bank’s fraud risk management department, talks about the most common forms of fraud and how to protect yourself from them.
What are the most popular forms of fraud?
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According to the expert, new forms of fraud appear every day, so it is necessary to know the most common ones at the moment and to remain vigilant.
Luminor photo/Linas Sadeckas, Head of the Fraud Risk Management Department of Luminor Bank
L. Sadeckas notes that one of the most frequently occurring forms of fraud is telephone fraud, the scale of which has increased significantly. Callers often introduce themselves as representatives of Google or a bank and ask for logins to electronic banking, payment card details or residential address. They need the latter ostensibly when they physically come to pick up the payment card in order to renew it, but the fraudsters take the card with the PIN codes assigned to it (these are also passed on by the customers), and then the funds are withdrawn, says the expert.
“Another scam by fraudsters is investment fraud. He is always in the first place in terms of the amount defrauded. This scheme manifests itself in the fact that e. by mail, phone or social media, scammers pretend to be investment advisors, brokers or analysts and in this way try to swindle money from those who have little idea about investing. Without understanding the investment process, residents install programs on their computers and that’s how fraudsters take control,” says L. Sadeckas.
There is also an equally dangerous form and an ever-surprising abundance of stories – romantic fraud. In this case, criminals try to extort money online by creating fake social media accounts and developing romantic relationships with their victims. One of the more impressive cases involved a fraudster pretending to be a sailor trying to convince a potential victim to make a bank transfer for an improbable reason – that the ship had been hijacked by pirates and that an urgent transfer was needed in order to save the wealth and send it to the “beloved”.
How to protect yourself?
First, the expert advises, never reveal your personal information and any login details to anyone.
“For example, if you receive a suspicious link that at first glance looks like a link to a bank website or online bank, do not click on it. If you did click and it took you to a page asking you to enter your bank or personal details, do not do so under any circumstances. Also, never share your online banking login data or payment card PIN code – bank employees, police officers or other legally operating institutions will never ask for them,” L. Sadeckas warns.
If it happened that you did pass on your confidential data to someone, immediately stop all communication with the scammers, contact your bank and report it to the police, reminds the expert.
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2024-09-17 17:38:44
– What are some common forms of fraud that people should be aware of?
Protecting Yourself from Fraud: Expert Insights from Linas Sadeckas
In an increasingly digital world, fraud has become a significant concern for individuals and businesses alike. According to Linas Sadeckas, Head of Fraud Risk Management Department at Luminor Bank, new forms of fraud emerge every day, making it essential to stay vigilant and informed. In this article, we will explore the most common forms of fraud and provide expert advice on how to protect yourself from these threats.
The Most Popular Forms of Fraud
Telephone fraud, investment fraud, and romantic fraud are among the most prevalent forms of fraud, according to Sadeckas. Telephone fraud involves scammers posing as representatives of reputable companies, such as Google or banks, and asking for sensitive information like login credentials or payment card details. Investment fraud involves fake investment advisors, brokers, or analysts convincing victims to invest in fraudulent schemes. Romantic fraud, on the other hand, involves scammers creating fake social media profiles and developing romantic relationships with victims, only to extort money from them.
How to Protect Yourself
So, what can you do to protect yourself from these fraudulent activities? Sadeckas offers the following expert advice:
- Never reveal your personal information: Be cautious when receiving suspicious links or emails asking for sensitive information. Legitimate institutions will never ask for your login credentials or payment card PIN codes.
- Verify the authenticity of requests: If you receive a call or message asking for sensitive information, hang up or delete the message. Instead, contact your bank or the institution directly to verify the request.
- Be cautious of online relationships: Be wary of developing romantic relationships online, especially if the other person is pushing for financial transactions.
- Monitor your accounts regularly: Regularly check your account statements and report any suspicious transactions to your bank.
- Report fraud: If you suspect you have fallen victim to fraud, report it to your bank and the police immediately.
Additional Tips
Avoid using public computers or public Wi-Fi to access sensitive information.
Keep your antivirus software and operating system up to date.
Be cautious when clicking on links or downloading attachments from unknown sources.
Use strong and unique passwords for all accounts.
* Set up two-factor authentication (2FA) whenever possible.
Stay Informed, Stay Safe
Fraudsters are becoming increasingly sophisticated, making it essential to stay informed and vigilant. By understanding the most common forms of fraud and following expert advice, you can significantly reduce the risk of falling victim to these scams. Remember, it’s always better to be safe than sorry. Stay informed, stay safe.
Keywords: fraud, Linas Sadeckas, Luminor Bank, telephone fraud, investment fraud, romantic fraud, online safety, cybersecurity, fraud protection.
What should you do if you suspect you’ve been a victim of fraud?
Protecting Yourself from Fraud: Expert Advice from Linas Sadeckas
Fraud is a growing concern in today’s digital age, with new forms of scams and fraudulent activities emerging every day. According to Linas Sadeckas, Head of Fraud Risk Management Department at Luminor Bank, it is essential to stay informed about the most common forms of fraud and take necessary precautions to protect yourself.
What are the most popular forms of fraud?
Telephone fraud is one of the most frequently occurring forms of fraud, with callers pretending to be representatives of Google or a bank, asking for logins to electronic banking, payment card details, or residential addresses. Investment fraud is another common scam, where scammers pretend to be investment advisors, brokers, or analysts, swindling money from unsuspecting victims. Romantic fraud is also on the rise, where criminals create fake social media accounts and develop romantic relationships with victims, extorting money online.
How to protect yourself?
To avoid falling prey to fraudulent activities, Linas Sadeckas advises never to reveal personal information or login details to anyone. Be cautious when receiving suspicious links or emails that ask for sensitive information. Instead, always verify the authenticity of the website or contact the bank directly.
Common forms of fraud to be aware of
With the rise of online transactions and digital banking, it’s essential to be aware of common forms of fraud, including:
- Telephone fraud: Scammers posing as representatives of banks or companies, asking for personal information or login details.
- Investment fraud: Scammers promising high returns on investments, often through fake schemes or phishing scams.
- Romantic fraud: Criminals creating fake social media accounts and developing romantic relationships to extort money online.
- Phishing scams: Scammers sending fake emails or messages, posing as banks or companies, asking for sensitive information.
Stay safe online
To protect yourself from fraud, follow these simple tips:
- Verify authenticity: Always verify the authenticity of websites, emails, or messages before providing personal information.
- Keep passwords secure: Use strong and unique passwords, and avoid sharing them with anyone.
- Be cautious of suspicious links: Avoid clicking on suspicious links or downloading attachments from unknown sources.
- Monitor your accounts: Regularly monitor your bank statements and accounts for any suspicious transactions.
By staying informed about the most common forms of fraud and taking necessary precautions, you can protect yourself from falling prey to fraudulent activities. Remember, it’s always better to be safe than sorry.
Table of Contents
- What are the most popular forms of fraud?
- How to protect yourself?
- – What are some common forms of fraud that people should be aware of?
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