Last updated on 26 September, 2023
If you are still in communication with the scammer, disconnect the call immediately. You can always terminate the call and contact the organization again by using their official support phone number or sending an email.
Access your online banking account through the official website or app. From there, you can suspend or block your card within the app and change your passwords.
Reach out to the customer support team via phone or messaging to receive further guidance on the necessary steps. Provide them with as much detail as possible about the situation.
When funds have been transferred to a fraudster's account, they typically move them within minutes, making tracing and recovery very challenging. Time is crucial in such situations.
This activity is commonly known as "Money Muling" and is highly likely to be illegal, often connected to money laundering. Criminals frequently employ this method to attempt to legitimize their illicitly acquired funds, the proceeds of illegal activities, by involving you as an accomplice in introducing the money into the financial system, making it appear as if it originates from a legitimate and unrelated source.
You may inadvertently become a "money mule" if someone requests that you hold their funds in your bank account, thus unwittingly facilitating serious and organized criminal activities.
Young individuals and students are frequently targeted with the enticing promise of easy money. Nevertheless, holding or transferring illicit funds is itself a criminal act, carrying a potential maximum prison sentence of 14 years and the possibility of acquiring a criminal record if prosecuted.
This is a scenario where scammers send you a message, typically via email or text, requesting that you click on a link to update your information, such as changing your password.
The message will often appear to be from a reputable and trusted entity that you regularly engage with, such as telecommunications or utility companies, tax authorities, or financial institutions. However, the information you provide in response to this request allows the scammer to gain unauthorized access to your account.
If scammers are able to gain access to email accounts they:
Identity theft – If individuals with malicious intent gain access to a sufficient amount of your personal information, they could potentially apply for various products, such as loans or credit cards, using your identity.
Fraudsters are continually devising new methods to gain access to or compromise your personal information, and this may include exploiting the information you share on social media. They use this information to persuade you that they represent a legitimate organization, such as your bank. For instance, a scammer might reach out, pretending to be from your bank, and inform you of recent overseas payments they claim to have noticed. This is done to gain your trust, even though they've actually acquired this information from your social media accounts.
Furthermore, these fraudsters may craft fraudulent profiles and engage in conversations designed to coax personal information from you. Subsequently, they might pass or sell this information to other fraudsters who will then use it to further convince you of their authenticity.
This refers to a situation in which a fraudster focuses on individuals, urging them to make advance or upfront payments for products, services, or financial benefits that ultimately do not materialize. This can take the form of demanding payment in advance for shipping goods or requesting an administration fee to release certain goods. Unfortunately, in many cases, individuals who make such payments never receive the promised goods or services.
These fraudulent schemes take various forms, often involving online financial trading platforms that encourage individuals to "invest" in Forex, Contracts for Differences (CFDs), Binary Options, and Cryptocurrency. These platforms frequently tout the potential for exceptional returns through their "advisors" and trading systems.
It's important to note that the vast majority of these platforms are not regulated, and if you lose your funds, you may have no recourse for recovery.
If someone urges you to transfer money for an investment but asks you to provide your bank with a different reason to ensure a "smoother" transaction, be cautious. Fraudsters are aware that payments for "investments" may attract greater scrutiny from your bank, and they will attempt to avoid this scrutiny.
Fraudsters might also request that you download a "trading" software, ostensibly to access your devices and move your money without your knowledge.
Additionally, these scammers may impersonate well-known individuals on social media or in messaging groups to make their offers appear legitimate and more enticing.
There are numerous ways in which cryptocurrencies are exploited to facilitate fraud and enable criminals to swiftly move money worldwide while concealing its source. Many of these methods resemble those used in traditional payment and banking systems, but there are some additional risks to be aware of.
One critical distinction is that cryptocurrencies are largely unregulated, which means there are fewer protections and avenues for recourse. Due to the anonymity associated with cryptocurrencies, you might unknowingly transfer cryptocurrency directly to a scammer, often through impersonation fraud, deceptive investment or business opportunities, or other malicious methods.
Investments tied to cryptocurrencies, such as initial coin offerings (ICOs) and non-fungible tokens (NFTs), have provided even more opportunities for scammers to exploit. For instance, some scammers create fraudulent websites for ICOs and instruct users to deposit cryptocurrency into a compromised wallet. In other cases, the ICO itself may be fraudulent.
It's important to remember that no legitimate business will insist on you sending cryptocurrency in advance—whether it's for a purchase or to safeguard your funds.
Never permit anyone to establish a cryptocurrency wallet, upload your ID documents, or manage your investments on your behalf. If you don't have exclusive knowledge of the wallet password or key, your wallet's security is compromised.
Exercise caution when dealing with individuals who promise quick and easy profits in the cryptocurrency markets.
Always remain vigilant against romance scams, where fraudsters may simulate a romantic relationship with you and persuade you to send them funds via cryptocurrency or invest in cryptocurrency.
Friendly fraud occurs when a cardholder or account holder attempts to misuse the refund or chargeback process by falsely claiming that they didn't authorize or carry out a transaction that was, in fact, legitimately authorized.
Every report of fraud or unauthorized transactions is thoroughly examined and validated by the relevant department. It's important to note that the circumstances of each case are carefully investigated. If the investigation determines that the transaction was properly authorized, then the recall or dispute will not be considered valid, regardless of whether it was initiated by: