What are the different types of bank fraud?
-
Phishing attacks
You’ve probably heard of the malicious technique of “phishing” or phishing used by cybercriminals to collect private data from Internet users in order to steal their identity. They manage to obtain account credentials by sending a fake email or SMS to users who are then redirected to a fake bank login page. The moment customers (who don’t see it!) enter their credentials, criminals have direct access to them.
Fraudsters also use sophisticated “computer bots” (short for robots) to automatically test random credentials. This is software that performs repetitive and well-defined tasks. This “brute force” attack exploits lists purchased from the dark web. Cybercriminals therefore try different combinations until they finally gain access to your account.
Read also: What credit card PINs should I avoid?
Be aware that these bad guys often target unpatched software and other cybersecurity vulnerabilities to gain easier access to data servers and steal customer information.
-
Call center fraud
This is a form of social engineering in which a fraudster contacts the call center of an organization, such as a bank, pretending to be a legitimate customer. He can then incite the representative of the center to give him access to an account or to carry out fraudulent actions within this account. According to the Pindrop site, 61% of online scams go through call centers.
What is the new ATM fraud?
Insert card into ATM – Source: spm
The latest scam has caused a lot of ink to flow in France. This inventive method is becoming very popular and seems to satisfy the majority of scammers. What does it consist of? The thief is blocking the card reader at the ATM using a piece of paper. Concretely, you can, as usual, insert your card in the dispenser, but when it is withdrawn, there is a blockage which is established, as if it had been swallowed. Of course, panic assails you, but you still have the presence of mind to call the service number displayed on the counter. This is an emergency number to contact to report any potential incident. Except that, in the rush, you don’t notice the deception. Because, in truth, this sticker affixed to the device, containing all kinds of information, has been tampered with. Fraudsters have falsified the correct number. You are fooled, but as you act in an emergency, you are just relieved to have someone on the phone. You are then convinced to speak to an approved person from the bank and reassured that you can quickly recover your card. In the meantime, you provide all the necessary information regarding your account to this impostor!
Make an online payment – Source: spm
For your own safety, you should always be on your guard and take certain preventive measures in order to protect your bank account from being the victim of theft. Here are some tips to follow.
- Change your account passwords : Frequently change your passwords on sensitive accounts and make sure not to use the same code for different accounts.
- Use online transactions with caution : When you are online, always make sure to use a secure internet connection and avoid connecting via public Wi-Fi as much as possible.
- Watch your credit : For added security, you can sign up for a credit monitoring service, which immediately notifies you of any activity related to your history and accounts. This will be very useful for you to detect the slightest suspicious movement or identity theft.
- Destruction des documents : You must be very careful when you throw away your old bank statements or other documents containing sensitive information (account numbers, social security or personal identification numbers). Everything must be perfectly shredded and unreadable before ending up in the trash!
Good to know : in addition to the theft of documents, be very wary of telephone scams where criminals try to recover your personal data. Many of them can easily pose as representatives of financial institutions: they ask victims to confirm their identity by asking for their banking information. If you don’t recognize these numbers, hang up immediately and block them.
Read also: Never do this if your bank card is blocked by an ATM
Does the bank reimburse bank fraud?
As you scroll through your statement, paper or online, if you notice any suspicious transactions or suspicious payments on your account, contact your bank immediately to report the fraud.
- If there’s a payment coming from your bank account that you don’t recognize, that’s called an “unauthorized transaction.” You must therefore inform your bank directly.
- Likewise, when you use your debit card and you notice that a larger sum of money has been taken, you must inform your bank.
- Explain the situation to your banker and ask if you can get a refund. If you are unhappy with the way the bank is handling your request, you can file a complaint and make a written complaint.
In general, following an investigation, most banks end up reimbursing the customer who was defrauded and who would have transferred a sum of money to a fraudster. This type of scam is known as an “authorized push payment”. If the payment was auto-debited, you should get a full refund under the auto-debit guarantee.
Read also: Beware of these objects at home: they can demagnetize your bank card