Sunday, September 20, 2020

Standard Chartered Bank warns against Internet fraud

This week, we continue with more tips and lessons learnt from Internet fraud.
Internet / Online banking fraud has become a real problem worldwide.

One of the most common modus operandi of Internet / Online banking fraud is termed as “Phishing”.
It is a fraud where the perpetrator sends out legitimate-looking emails appearing to come from businesses including banks that the customers have dealt with before.

The basic form of phishing involves an email containing officialÔÇôlooking graphics and links to fraudulent websites.

Rutang Moses, Head of Compliance and Assurance at Standard Chartered Bank said: “with the rising threat of Internet / Online frauds, in particular the proliferation of “phishing”, steps needs to be taken to combat its spread.

Measures such as greater collaboration, a combination of technology and public education can help to curb Internet / Online fraud.

It is important to share information to help the public identify the threats.”

Be aware of “Phishing”, it is a fraudulent activity to obtain personal details like identity numbers, passwords and credit card information through unsolicited e-mail.
Phishing e-mails ask the recipient to click on a link given in e-mail which takes the recipient to a “spoof” (false) website that asks for personal information.

Don’t be a victim; criminals use sophisticated means to gather information including setting up bogus websites. Make sure the online businesses you’re using are legitimate.

Only use recognised websites via authenticated web-links and do not click on “pop up” messages that appear while on websites.

Another Internet / Online fraud to be aware of is “Pharming”, it is a bit like Phishing but instead you will happily be using the internet, may go to your favourite shop, log in and go shopping.
Unfortunately a pharmer fraudster will have put a piece of hidden software onto your computer and instead you could be taken to a site that looks similar but will be run by fraudsters.
They will take and use your credit card details.

To avoid exposure, do not open any unknown emails or attachments. Such attachments can contain virus and spyware that will search your computer and harvest information such as your credit card details.

Be also aware of hardware devices such as “key Loggers” which could have been placed in between the PC and Keyboard. Fraudsters use key loggers to gain access to your passwords, bank and credit card details.

Our tip to avoid both Phishing and Pharming, when making card purchases, make use of sites that uses security questions for verification as part purchasing.

Also check for the padlock in the lower right of your browser window (it indicates a secure site).
You can click on this padlock to verify the site “owners”. Another tip to avoid internet fraud, ensure you have an updated anti-virus and spyware program and perform regular system scans and do not open other websites while logged into Internet Banking, only have a single browser window open.

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Sunday Standard September 20 – 26

Digital copy of Sunday Standard issue of September 20 - 26, 2020.