SECURITY & FRAUD AWARENESS

Scams

There are many forms of scams and they usually involve some form of impersonation, be it a government official, public servant or even a representative of an organisation like a bank or financial institution. Here are some more common ones.

Investment Scam

There may be instances when you receive unsolicited messages from persons claiming to be stock brokers, employees of banks or financial companies. Fraudsters will ask for your personal details such as NRIC and passport number, supposedly for an investment firm. Scammers will then ask you to transfer monies to banks, and pay administrative fees, security fees and taxes in order to receive the profits and returns.

Be cautious of the promise of high returns. Always check with a licensed financial advisor before engaging in any investments. Be wary when asked to send money overseas. Do not provide your name, identification number, passport details, contact details, bank account or credit card details to someone whom you do not know well.

Phishing Scam

What is 'Phishing'? 'Phishing' is a type of identity theft where criminals blast emails to a mass audience in their malicious attempt to bait you into fake websites. You will then be asked to disclose confidential financial and personal information, passwords, credit card numbers along with any other highly confidential questions.

The most common type of phishing scam is an email threatening serious consequences if you do not log in and take immediate action. A bogus link is usually provided in that email which leads to a fake website identical to the bank’s website.

Note: The bank will never ask you to disclose, change or update your personal banking information via email, phone or SMS. If you suspect that you have been coaxed into entering a bogus bank site or contacted by a caller posing to be a CIMB Bank staff, please call us immediately at +65 6333 7777 or email AtYourService@cimb.com.

Other Phishing Attacks

Smartphones have increasingly become an integral part of our lives, going beyond being a mere communication device. With mobile banking and e-payment options transforming the way purchases are made, the ability to transact through smartphones and mobile devices is gaining acceptance among consumers.

As a result, cybercriminals have created well-crafted phishing tricks that target mobile device users, with the latest being iOS users. The majority of these mobile phishing attacks come from gaming apps, third party apps and untrusted free apps. Such attacks may result in stolen credentials which can lead to financial loss. Below is an example of what happens:

Phishers replicate the routine “Sign in to iTunes Store” pop-up, which can’t be easily differentiated. Users who sign in their details unknowingly, can have their personal data or credit card details stolen. Protect yourself by:

a) Not signing in from any pop-up box. Where necessary, enter your credentials through “Settings”
b) Using 2-Factor authentication as an added level of protection
c) Pressing the “Home” button. If both the application and the pop-up close, it is likely to be a phishing attack.

Money Muling Scam

For fraudsters, transferring stolen funds directly into their accounts would make their whereabouts and activities easily traced by law enforcement agencies. In an effort to stay under the radar, money mules are recruited or used to help facilitate the movement of funds to the criminals. In other words, money mules are used specifically to receive and transfer out stolen money.

Fraudsters will try to recruit customers to use their personal banking account as intermediary accounts by promising them rewards. Recruitment will normally be promoted via social media, chat sessions or even newspaper ads offering work-from-home job offers.

For more information on scams, kindly visit www.scamalert.sg