Fraud Awareness

Fraud is a growing problem that can affect anyone, regardless of age, income, or location. Fraudsters are constantly coming up with new and sophisticated ways to trick you into giving up their personal or financial information and ultimately steal your money. It is important to be aware of common fraud scenarios and know what to do if you become a victim of fraud.

Common fraud scenarios

Unauthorized transfer from your bank account

Fraudsters can use number spoofing to make you see that the incoming call is from a bank or even the police. The caller introduces himself as a bank or police security officer and tells you that a money transfer has been made from your bank account or credit card and asks if you made it or not. The calling “officer” may say that the police or bank security are investigating a scam perpetrated by bank employees, and therefore you should not inform the bank about your conversations with the “police” and your actions. Fraudsters may even send you a photo of a “police ID” to “verify” the identity of the caller. They will then convince you that to ensure the safety of your money, it must be transferred to a “special account” until the investigation of the scam is completed. Thus, you can lose all your savings. Often, fraudsters even manage to convince victims to take out a loan and transfer it to them.

Someone took out a loan in your name

This is a variation of the previous scenario. A “bank security officer” tells you that someone took out a loan in your name. If it wasn’t you, you need to “protect your money” by following a number of guidelines provided.

Reducing your insurance costs

The caller, posing as an insurance company employee, tells you that your insurance premiums have decreased. To update information in the database or to verify your identity, you will need to provide your credit card information.

The relative in need

Your grandchild or other relative in another country is in trouble. He’s in the hospital and you need to pay the bill for an emergency surgery. Or he may be in police custody and you need to post bail or pay a bribe to get him released.

Online dating

You met a beautiful girl on a dating site or social network. You had been texting for a while and she suggested a video call. During a video call, she offered to undress and then have virtual sex with you, this really excites her. She then threatens to share your indecent video with your friends, colleagues and family. If you do not want this to happen, you need to urgently transfer a large sum of money to her or her accomplice. Other online dating scam options include romantic correspondence with building trust, and then the woman will ask you to provide her with urgent financial assistance due to tragic circumstances.

Lottery winning

You got amazing news today, you’ve won the lottery! The grand prize is enormous, and you have already begun dreaming of what you might do with that money. You’re not quite sure that you remember playing the lottery, but oh well, you’ve already forgotten what you had for breakfast; it would be easy to forget such a thing. There’s only one catch, the sender needs some funds from you in order to cash out your prize. What’s a small amount when you’re about to get millions?

Bargain purchase

You’ve found a terrific price on an apartment rental online. Or you found your dream car at a price significantly below market. The seller tells you to send either a down payment through a money transfer. They even send you a receipt. This can happen with any online purchases – a puppy, a vacation rental, a timeshare or a car. You name it. Do not wire money for internet purchase. You won’t get the merchandise and you won’t get your money back.

Unexpected money

The scammer pretends to be a lawyer, banker, or foreign official. They will try to convince you that you are owed or entitled to, money or winnings that you did not expect to receive. They will provide fake bank statements, birth certificates and other documents to make it look real. Then they will ask you to pay a fee or to give your financial or identity details so you can get the money or winnings. There is no free money, but you will lose your money trying to get it.

Your friend is asking to borrow money

You received a message from your friend or acquaintance asking to lend money. It probably means that the fraudsters have hacked your friend’s social account and act on his/her behalf. Usually the scammer tries to extract money from you as quickly as possible, before the real account owner realizes what is happening and restores access. Therefore, they will say that the money is needed very urgently, there is no time to explain now, and that they will return it right tomorrow.

How to protect yourself

• Always stop, think, and check before you act.
• Don’t send any payments or share your bank or credit card details or your identity documents to anyone you don’t know or trust. Government officials or trusted companies will never ask you to pay money upfront to claim a grant or rebate.
• Check with your bank, a legal service or a trusted friend or family member, to make sure what is happening is legitimate.
• Do an internet search using the names or contact details to check for any references to a scam.
• If a friend or family member sends you a message with any money request, check with them by phone call that they sent it.

What to do if you if you were scammed

Act fast to stop any further losses

Contact us, your bank or card provider immediately to report the scam. Ask to stop any transactions. Block compromised cards. Change compromised passwords.

Call the police

All money transfer scams should be reported to the police.