Online Banking Scams
Utech Global offers Consulting, Cyber Assessment and Recovery Plans. If you’ve lost money to online Banking scams, UTech Global can help!
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Online Banking Scams Recovery
Increasingly common, online banking scams revolve around fraudsters persuading their targets to part with their sensitive personal and account information in order to raid their account, often totally emptying it of funds. This is often done through cloning or replicating a legitimate banking or financial website, and subsequently harvesting the password details that users enter into the system.
Types of Online Banking Fraud
Being aware of the scams out there can be the best protection against them. Here are the most common online banking frauds doing the rounds right now:
If a cybercriminal or fraudster is able to persuade you to give them your online banking details, then they have free reign to access your account and empty it of funds. Scammers are using increasingly complex tricks, tools and methods to obtain this information, making it harder than ever before to stay safe.
Phishing is one of the most-used scams to steal money from a victim’s bank account. Phishing attacks usually take the form of emails, masquerading as being sent from the account holder’s bank, that look genuine. They will typically ask the recipient to click on a link to access their bank account, in order to provide or update information. The website, however, will be a fake, designed simply to trick people into freely providing their online banking user names and passwords.
If you run a business or have personal supplies delivered to your home, then it’s also important to be aware of supplier scams, whereby you are contacted by telephone or email by someone claiming to be a senior member of staff at the supply company. You will then be asked to urgently transfer funds so that your order can be released. Alternatively, you may be told that the supplier’s bank details have changed, and asked to send future payments to a new account for which the scammer will supply the details.
Online Banking Scam Red Flags
If you receive an email that claims to be from your bank or card issuer, then it’s worth taking a moment to check a few things, to avoid being caught out. Here are the warning signs:
- The email requests personal information, such as your date of birth, social security number, account number or PIN code.
- You don’t usually receive emails from your bank or it’s unsolicited.
- The message contains mis-spellings, and grammatical errors, and begins with a generic greeting.
- Asks you to click on a link to be re-directed to a website.
If any of these elements are present, then it’s best to treat the message as suspicious, delete it, and inform your bank and the relevant authorities.
How to Protect Yourself
Staying vigilant is key. It’s also vital to ensure you use a strong password to access your online banking platform, that can’t be easily guessed (doesn’t contain your date of birth or a close relative’s name, for example), and that you haven’t used elsewhere. Keeping your devices’ anti-virus software updated is important, too.
Checking your bank statements or transaction history regularly is a great idea, too, so that you can spot a fraudulent payment quickly and take the necessary steps to secure your account. Having gained access to your account, some scammers siphon off relatively small amounts to avoid detection for as long as possible.
If you’re ever in doubt about a communication you’ve received, get in touch with your bank to confirm whether it was, indeed, sent by them.
At U Tech Global, we specialize in this type of fraud and know all the tricks and techniques used by the scammers active in this field. If you have been defrauded in an online banking scam, speak with one of our friendly team members. We’ll assess your case and, if we think we can win it for you, begin the process of recovering your funds.
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