CIOReview
CIOREVIEW >> Other

3 Major Bank Scams that Every Bank Customer Needs to be Aware of

By CIOReview | Thursday, January 16, 2020

With the scams happening in every tiny part of this technological world, even banks are not spared.

FREMONT, CA: With the payment methods becoming increasingly digitalized, bank scams are also extremely high. The is a wide array of scams used by fraudsters to part account holders from their cash, which involves forged phone calls, bank cards, fake emails, and ATMs.

In 2018, unauthorized card payments accounted for 56 percent of all banking scams, which was followed by remote banking at 12 percent, authorized scam at 30 percent with bank checks responsible for 2 percent of the scam.

Nevertheless, a loss of £1.2bn is not a small amount. It is something serious that needs to be avoided, and every customer needs to be aware of.

1. Bank transfer scams

These are considered the most common banking scam which involves users that transfer money from their own 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 account.

The forged person asks users to transfer all the money into a secure account until the issue is resolved. Once the transfer is made, the funds are immediately salted away to other accounts around the globe.

2. Phishing scams

In forged emails or phishing scams, the scammers usually make use of a trusted enterprise, such as the customer’s bank, for winning their trust and confidence.

These forged emails make customers click on the link given in the email and login to their bank account to approve a transfer, or to confirm other details.

The link further takes the customer to a fake website that enables scammers to use customer’s data to access their accounts and transfer money.

3. Bank card scams

Spammers love the opportunity of stealing money that they get from online transactions. Credit card frauds have become common these days, and the most convenient way t extract the card details is when the customer is doing shopping online.

Unsafe websites that have http rather than https in their website link are more susceptible to attacks, and spyware can get installed in customer’s computers through which scammers can view every activity of the customer doing online.

However, other scams are more low tech. It is easy to steal letters with new debit or credit cards. The customer can get a phone call from the fraudster with their card, who asks them to confirm a few details which empower them to start using it.

It is mandatory for every user to 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.

See Also:

Top Enterprise Security Companies

Top Cyber Security Companies