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Bank transfer scams, how to recognize and avoid them

2024-04-28 12:20:51Biznes SHKRUAR NGA REDAKSIA VOX

Bank transfer scams, how to recognize and avoid them

In today's digital age, banking applications and online payments are an integral part of our daily lives. While these apps offer convenience, ease and efficiency, they also open the door to a new threat, wire fraud.

In recent years, the number of businesses or individuals that have been damaged, robbed through the frauds of this banking operation, has increased significantly, this is more pronounced during the recent global health crisis, the pandemic, as well as regional security crises.

Bank transfer is a payment instrument that consists of transferring a sum of money virtually, without performing actions with physical money at bank counters, as happens with individuals who do not have a current account or prepaid bank card.

Bank transfer frauds are financial frauds organized and carried out by cyber "specialists", who target businesses and individuals who transfer money through bank accounts, with the aim of robbing them.

How is the robbery of money done, what are the most used frauds through bank transfers, what measures should be taken in order not to fall prey to predators?

There are different ways of fraud which, it must be admitted, become more sophisticated "at the same time" with the IT technological developments, which enable transfers to be made through systems, mobile phones, computers, etc.

It is important to note that fraud techniques are not only aimed at businesses, but also at individuals, as is usually the case with debit card robberies.

Below, we will address some of the ways, in order to recognize and take protective measures.

Bank account fraud

Fraudsters collect information about a company's suppliers and the contact person who is responsible for making its bank transfers.

Then, they contact the payment processor, "notifying" them that the supplier's bank details have changed, and for this, bank transfers must be made to the "new supplier accounts", which are actually the criminals' beneficiary accounts.

Fraudsters sometimes camouflage themselves, pretend to be company executives and can contact one of the employees who carry out the financial transfers, asking them to make an urgent bank transfer through social engineering techniques.

"Insider fraud" is another technique, where bank transfers can be made from within the company, through a compromised person who has access to sensitive data, using it to make transfers to unauthorized accounts.

Corruption, misappropriation of assets, over-invoicing and financial errors are well-known examples of internal fraud, which can cost companies a good chunk of profits.

APP scams, what are they and how do they work?

APP, the acronym for "Authorized Push Payment", are financial frauds through which the robbers, who are in fact masters of IT and eloquent during communication, convince the victim to voluntarily send money to their account.

In short, knowingly and without coercion making bank transfers where the beneficiary, the collector of the money, is a fraudster.

This conscious transfer is well hidden under a pretext where the victim believes they are sending money for legitimate reasons; payments for goods or services, payments for charity, sponsorships, etc.

How is it done, what technique is used to cheat?

Impersonation: Cyber ​​robbers try to impersonate trusted people or organizations, such as banks, agencies, public administration institutions. Emails, phone calls or even text messages are used to gain the victim's trust and convince them to make a transfer.

Phishing: Fraudsters send fraudulent e-mails or messages to company-like pages that appear to come from legitimate sources. They ask the victim to click a link, or download an application.

After the victim performs these actions, the fraudster gains access to personal and financial data, then proceeds "unconcerned" to download the money.

Invoice fraud: Fraudsters can send fake invoices for products or services, often with convincing branding and contact information. Careless victims, without knowing and without verifying the account where the transfer will be made, pay bills, thinking they are paying a legitimate payment.

Romance scams: In this type of scam, robbers build romantic relationships with their victims, first gaining their trust, respect, and then asking for money for various false reasons.

Investment scams: Scammers promise returns, high financial gains from investments they can make in non-existent businesses. Victims are lured into investing significant sums of money, being fooled by high rates of return.

APP scams are a growing threat in the digital age, where individuals are not aware that behind information technology and social networks, without which some understand that they cannot live and must be trusted blindly, there is a great risk of losing their personal data, deposits, making transfers, etc.

If we are informed, balancing the values ​​of the correct use of technology with exposure to risk, as well as appreciating the expression that "The best defense is knowledge and care", the risk of becoming a victim can be reduced.

How should fraud attempts be identified?

There are several ways to identify a fraud attempt, to protect company and individual finances. Below we will deal with some of them, which help us not to remain in the net, the trap set by cybercriminals.

Misspelled domain names (so-called typosquatting) and unusual domain extensions (cybersquatting) are all common features of wire transfer scams. Check the reliability of information received by e-mail or mail also from directions, other sources used previously.

When the target of the fraud is attempted to be a business, always verify the legitimacy of the claim, directly with the supplier or creditor, using the usual telephone number. This is especially important, if sensitive data, details or changes, updates of bank accounts are required.

You should not use the "recommended" contacts in the request, because they are probably fake contacts.

When a bank transfer is requested to a third party for payment of an invoice or a service, always verify and clarify the details of the bank, the beneficiary entity, especially in cases where you suspect that the request seems unusual.

It takes a lot of attention to detail when the institution or bank is abroad, as fraudsters can use international accounts.

How to protect yourself from transfer and APP scams

Recognizing the phenomenon and preventing it is the main measure if we want to be protected and stay one step ahead of sophisticated fraudsters.

Cyber ​​fraud tends to increase especially during turbulent times, such as regional and global health or financial crises, as in these situations, business communities and individuals tend to be distracted and stressed.

Businesses should have procedures, verification and validation standards for transfer requests or updating bank information, in cases where they are suspected to be unusual.

Very important and efficient are and always remain trainings, information, theoretical and practical training of employees by IT protection specialists, security and financial crime specialists.

It is important to protect the personal data of employees who carry out bank transfers in the interest of the company, especially from exposure on the Internet and in social networks, which remain easily exploitable by computer hackers.

How should we act to limit the damage caused by fraud?

– Immediately identify transfers to suspected fraudulent accounts.
– Change your password immediately, in case of identity theft via e-mail.
– Contact the structures responsible for the company's financial operations, to cancel or prevent transfers.
– Immediately contact the bank where you have accounts and deposits.

If the transaction has been carried out, you can request a refund for the fraud, if this is provided for in the agreement signed with the financial institution. In bank transfers made abroad, this procedure can be very complicated, if not impossible.

Collect as much information as possible about the scammer: email addresses, websites, bank transfer orders, letters and invoices sent for fraud.

At the end of the denunciation to the responsible structures of the financial institution, it is very important that this action is also carried out to the police bodies, so that the law enforcement structures are put in pursuit and capture of fraudsters.

The media also has a special role, since informing the public about the cases that have occurred draws its attention to the recognition of the phenomenon and at the same time "stops" the fraudsters' initiative to continue this game.

It must be understood that the robbers are prepared, with sufficient computer skills and a very correct line of behavior during communications, a fact that makes it difficult to identify and the purpose of the action that will follow the robbery of money./ Monitor.al


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