Fraud and Scam Awareness

Protecting Your Finances

We’re committed to keeping your money safe. It's crucial to stay informed about thevarious frauds and scams that can impact financial security. You’ll find valuable insights in recognising and preventing financial frauds

Common forms of Financial Fraud

Online Phishing

Online Phishing is when fraudsters impersonate legitimate organisations or individuals to trick you into revealing sensitive information such as your passwords, card details, or personal identification.

How to spot it:

Scammers may reach out to you through various means including phone calls, email, SMS, WhatsApp, Viber, or any other messaging platforms to obtain your data. Fraudulent messages typically pressure you to respond urgently or take specific actions, such as clicking on a provided link to unblock your account or confirming an incoming payment.

Failure to comply promptly or follow their instructions may result in threats of legal consequences, such as the closure of your bank account, legal actions, or asset seizure.

How to protect yourself:

Be cautious of unsolicited emails asking for personal or financial information.
Don’t disclose your PIN codes, CVV code, card number or any other sensitive information.
Verify the legitimacy of any website before entering sensitive data.
Remember that we would never contact you asking for your account or card details.
Keep your browser and antivirus software up to date to detect phishing attempts.

Money Muling

Money Muling is when individuals are recruited by fraudsters to facilitate the movement of illicit money through their bank accounts. Money mules are often unwitting participants who may be deceived into thinking they are involved in legitimate financial transactions or job opportunities.

How to spot it:

If you notice frequent or substantial transactions involving funds from unfamiliar sources or international transfers, this could be a sign of money mule involvement. Additionally, you can receive a job offer, especially online, that promises significant earnings for minimal effort or participation in financial transactions without a clear, legitimate reason. You can also be asked to receive money into your bank account and then transfer it to another account.

How to protect yourself:

Be cautious if you receive funds from unfamiliar sources, especially international ones, and if you're asked to transfer money to other accounts, particularly without a clear, legitimate reason.
Be wary of job offers that promise easy money with minimal effort, as these may be attempts to recruit money mules.
Never share your personal banking information, such as account numbers or login credentials, with anyone.
If you feel pressured or threatened to participate in financial transactions, take it as a red flag and seek guidance from us or the authorities.

Romance Scams

Romance scams involve individuals who manipulate emotions to defraud victims emotionally and financially. Fraudsters often create fake online personas to develop romantic relationships with their targets, only to exploit their trust and solicit money or personal information.

How to spot it:

Typically, scammers create fake social media profiles, impersonating others while operating in organised groups. Their strategy revolves around psychological manipulation, sometimes even fostering feelings of love to establish trust and emotional connection. Initially, conversations appear genuine, marked by authentic interest and seemingly normal dialogues. The scammer gradually builds trust through subtle manipulation. Once a sympathy and trust are established, they suggest a meeting. However, these plans often unravel due to unexpected crises, such as purportedly lacking funds for travel expenses. Consequently, the intended meet-up becomes unattainable, and the scammer solicits additional financial support.

How to protect yourself:

Be suspicious when a stranger initiates contact and requests personal or financial details, financial assistance, or financial gifts.
Refrain from sharing compromising photos or videos, even if you have confidence in the person, as these materials could be exploited as blackmail or financial exploitation later on.
Conduct research using publicly accessible resources, such as performing a Google search on the person and their professional background and conducting a reverse image search on their profile pictures.
Maintain a vigilant and sceptical mindset. Scammers even operate on highly reputable social networks, dating platforms, and apps.

Account Opening Scams

Scammers may approach you with a proposition to open an account and then transfer ownership of that account to them. This deceptive scheme can have severe legal and financial consequences for you.

How to spot it:

Typically, scammers would contact you asking to open an account on their behalf, promising you a quick and substantial profit in exchange. Remember, if it sounds too good to be true, it probably is. Scammers may avoid providing clear information about the purpose or legality of the account opening. They may pressure you to act swiftly without understanding the full implications. Opening an account on behalf of someone else may require you to share your personal information.

How to protect yourself:

Do not agree to open an account on someone else’s behalf.
Be cautious about sharing personal information, especially financial details, with unknown individuals. Protect your sensitive data.
If you suspect that you're being targeted for an account opening scam, report it to us, financial authorities, or law enforcement agencies.

Fake Purchase Scams

Scammers frequently exploit online marketplaces, such as eBay, Facebook Marketplace, or other e-commerce platforms, to deceive buyers into making payments for items that do not exist. Protect yourself from falling victim to these scams.

How to spot it:

You might realise you're a victim of a fake purchase scam, if you've paid for an item but never received it, if the seller suddenly stops communicating with you after receiving your payment, or if the seller provided false information about the item.

How to protect yourself:

Investigate the seller's profile and history on the platform. Look for reviews and ratings from previous buyers.
If possible, meet the seller in person for local transactions and inspect the item before making a payment.
Request additional photos or proof of the item's existence before making any payments.
Trust your instincts. If something feels off, or if the seller avoids providing clear information, reconsider the transaction.
If you suspect a fake purchase scam, report it to the platform and relevant authorities. This can help prevent others from falling victim.

Fake Purchase Scams

How to spot it:

How to protect yourself:

Investigate the seller's profile and history on the platform. Look for reviews and ratings from previous buyers.
If possible, meet the seller in person for local transactions and inspect the item before making a payment.
Request additional photos or proof of the item's existence before making any payments.
Trust your instincts. If something feels off, or if the seller avoids providing clear information, reconsider the transaction.
If you suspect a fake purchase scam, report it to the platform and relevant authorities. This can help prevent others from falling victim.

Reporting Suspected Fraud

If you suspect fraud or have fallen victim to a scam, it's essential to take immediate action:

Report the incident to local law enforcement or the relevant authorities.
Inform us via live chat or email, so we can assist you further.
Freeze your cards and change your passwords to prevent further unauthorised activity.

Stay Informed, Stay Secure

Financial fraud and scams are ever evolving, but by staying informed and vigilant, you can protect yourself and your assets. We're here to support you in your financial journey and help you make smart choices.

Remember, fraud prevention is an ongoing effort. Regularly review your financial statements, educate yourself about emerging scams, and take the necessary steps to secure your accounts. Your financial security is our priority.