ONLINE BANKING SCAMS

There is a broad range of online scams that fall under this category not all covered in this section as we have segmented them for your easy reference, they are “Work from Home” “Online Banking” and “Online Dating” for further information. 

Digital transformation is the leading cause of exponential growth in online fraud. Banks are supposed to be ahead of the criminals however many banks themselves, do not implement enough security protocols to safeguard their customers’ money, which results in massive losses per year. The banks are supposed to be agile and adapt far quicker to the changing digital landscape as well as implement robust security for their customers. It has been reported that the median loss from online banking scams has been anywhere from $1000’s to hundreds of $1000’s per person, and many customers may never recover their money.

In recent years there has been a significant increase in large data breaches which have led to millions of people’s private data being released into the public domain and sold on the dark web. Some of the biggest companies in the world have been breached most notably British Airways, Cambridge Analytica, Facebook, eBay, Google+, Marriott International, Quora, Saks, T-Mobile and Yahoo. Resulting in private customer data being used to conduct online banking fraud.

We are here to help you recover your lost funds from the banks and credit card providers with our extensive knowledge in fraud detection and years of experience in dealing with these matters. We have a high success rate and many satisfied customers.

Below we take a deeper look at some of the most common types of scams. You should be aware that this is not an extensive list, and scammers are constantly developing new techniques.

Authorized Push Payment Fraud

Authorized Push Payments (APP) fraud occurs when a scammer deceives consumers or individuals at a business to send them a payment under false pretenses, to a bank account controlled by the scammer.

This can be as simple as requesting payment for goods that do not exist, invoices are issued for services that have not been carried out, or if, for example, a company’s online banking account has been hacked or intercepted.

Digital transformation is the leading cause of exponential growth in online fraud. Banks are supposed to be ahead of the criminals however many banks themselves, do not implement enough security protocols to safeguard their customers money, which results in massive losses per year. The banks are supposed to be agile and adapt far quicker to the changing digital landscape as well as implement robust security for their customers. It has been reported that the median loss from online banking scams has been anywhere from $1000’s to hundreds of $1000’s per person, and many customers may never recover their money.

In recent years there has been a significant increase in large data breaches which have lead to millions of peoples private data being released into the public domain and sold on the dark web. Some of the biggest companies in the world have been breached most notably British Airways, Cambridge Analytica, Facebook, eBay, Google+, Marriott International, Quora, Saks, T-Mobile and Yahoo. Resulting in private customer data being used to conduct online banking fraud.

We are here to help you recover your lost funds from the banks and credit card providers with our extensive knowledge in fraud detection and years of experience in dealing with these matters. We have a high success rate and many satisfied customers.

Below we take a deeper look at some of the most common types of scams. You should be aware that this is not an extensive list, and scammers are constantly developing new techniques.

Deposit Refund Scam

This scam happens when the scammer contacts the individual and informs them that they’ve “accidentally” paid money into the persons account, this is very suspicious. Scammers will provide a fake “proof of payment” and ask the person to refund their money. The victim will pay it, believing that the money will clear in their account soon. Of course, it never will. Always double-check these types of deposits with the bank.

Vishing

Vishing is the combination of “Voice” & “Phishing”. This happens when scammers pretend to be somebody from the bank and get your private information through telephonic manipulation. They will pretend that they are phoning to just confirm your details or to let you know they’ve detected something wrong with an account. This also happens when someone calls you and convinces you to open “anydesk” or “team viewer” or other types of remote-control access and gets you to put your login details to online banking, then takes over and sends money from your account to theirs.

Payment Card Fraud

There are a lot of different types of card fraud specifically created to steal your credit or debit card details, this could involve either the theft of the card itself or of the sensitive information held on the card. This type of scam could occur if you are not present during the transaction, for example, when making a purchase over the internet, or if the card is out of your sight, perhaps in a restaurant.

Another method is when the scammer will make you think you are talking to a trusted organization and trick you into providing the sensitive information, or in some instances illegally copy the information from the magnetic stripe on the card using a skimmer device, and create a ‘cloned’ card with your details on it. Debit and credit cards each have their advantages and are suited to different types of situations.

The main advantages of using credit cards over debit cards is that the level of protection is higher, and you do have consumer protection so you can report the fraudulent use of the card, block the card and also receive a refund on the card. Whereas most debit card providers are starting to offer a form of protection, there is currently no legal obligation for them to take such action. So as a precaution always remember not to give out your credit card details, unless you are absolutely certain of who you are dealing with, and also never let your card out of your sight.

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