CIOReview : 3 Major Bank Scams that Every Bank Customer Needs to be Aware of
With the scams happening in every part of this business and technological world, even banks are not safe.
With the payment methods becoming increasingly digitalized, bank scams are also very high. Fraudsters use this technique scams to part account holders from their cash, which involves fraud phone calls, bank cards, fake emails, and ATMs.
In 2018, unauthorized card payments accounted for 56 percent of all banking scams, followed by remote banking at 12 percent, authorized scams at 30 percent, with bank checks responsible for 2 percent of the scam.
Nevertheless, a loss of £1.2 billion is not a less amount. It is something serious that needs to be avoided, and every customer must be careful of it.
1. Bank transfer scams
These are considered the most common banking scam which involves users that transfer money from their bank account.
In this kind of scam, the customer receives a phone call from a fake bank person alerting them regarding a security or technical problem related to their bank account.
The fraud person asks users to transfer all the money into a secure account until the issue is resolved. Once the transfer is done, the funds are immediately salted away to other accounts around the globe.
2. Phishing scams
In fraud emails or phishing scams, the scammers usually used trusted enterprises, such as the customer’s bank, to win their trust, faith, and confidence.
These fraud emails make customers click on the link given in the email, log in to their bank account to approve a transfer, or confirm other details.
The link further takes the customer to a fake website that enables scammers to use customer’s data to access their bank accounts and transfer money.
3. Bank card scams
Spammers love the chance of stealing money that they get from online transactions. Credit card fraud has become common these days, and the most convenient way to extract the card details is when the customer is shopping online.
Unsafe websites that have http rather than those in their website link are easier to attack, and spyware can be installed in customers' computers. Scammers can view every activity of the customer online.
However, other scams are more low tech. It is easy to steal letters with new debit or credit cards. The customers can get a phone call from the fraudster with their card, who asks them to confirm a few details, which empowers them to start using it.
Every user must be aware of the above scams. If they smell something fishy, they should immediately report to the bank so that necessary actions can be taken on time and stops are put on all their accounts.
