Phishing scams are attempts by scammers to get hold of your sensitive information, such as passwords, usernames, credit card details, or other valuable data. They often pose as a trustworthy entity in electronic communications.
If you frequently send money to friends and family, you must know how to identify potential fraud to protect yourself from it, keeping your transactions safe and secure. Let’s explore the various types of phishing scams:
- Fake payment requests: Scammers pose as legitimate entities, such as banks or financial services, and send convincing emails or messages requesting urgent payments. No matter how urgent they sound or how big the reward they offer, stay clear-headed before taking any action.
- Impersonation of services: Fraudsters may create fake websites or emails that mimic popular money transfer services. Do not enter your payment details if you are not sure of the money transfer platform or service.
Vishing or voice phishing is another common type of phishing scam. It involves fraudsters making phone calls to impersonate legitimate entities, often requesting sensitive information under false pretenses. - Phishing links in messages: Messages or emails may contain links to fraudulent websites designed to capture login credentials or payment information. These links can appear legitimate but lead to phishing pages designed to steal sensitive data.
- Social engineering tactics: Scammers may use social engineering techniques to gain your trust, such as pretending to be a friend in need of urgent financial help while abroad.
- Credential stuffing: This happens when scammers use previously compromised login credentials to attempt unauthorized access to your financial accounts.
- Business Email Compromise (BEC): This involves compromising business email accounts to conduct fraudulent transactions or ask employees to transfer funds.
To outsmart these types of money transfer scams, it’s crucial to verify the legitimacy of any requests for money transfers or personal information. Double-check the sender’s email address or contact details. Independently verify requests through official channels and avoid clicking on suspicious links or providing sensitive information without proper verification.
Here are some tactics to be aware of spoofy communications:
✓ Verify the source: Always verify the legitimacy of any communication requesting money transfers. Contact the sender through known, trusted channels (not through contact details provided in the message) to confirm the request.
✓ Urgency or fear: Be cautious of urgent requests for money. Scammers often create a sense of urgency to prevent you from verifying the request.
✓ Suspicious attachments or links: Before you enter any personal information or start a transfer, make sure the website URL is legitimate and secure. Look for “https://” and a padlock icon in the address bar and check if the domain name matches the official website. Hover over links to check them. Do not click on links or download attachments from unfamiliar or suspicious emails, as they may lead to phishing websites or malware.
✓ Add layers of security: Install and regularly update antivirus and anti-malware software on your devices to detect and prevent phishing attacks.
Whenever possible, enable two-factor authentication (2FA) on your accounts linked with money transfers. 2FA involves two different types of identification where the first step is entering your password, while the second one can be biometric verification using fingerprint, face or retina, or a code sent to your registered mobile number. This adds an extra layer of security.
Avoid sharing sensitive financial information over email or messages. Use secure communication methods provided by reputable money transfer services or banks.
✓ Report suspicious activity: If something seems suspicious, it probably is. Report any suspicious emails, phone calls, or messages to the appropriate authorities or financial institutions immediately.
#BeFraudSmart by staying vigilant of common phishing tactics.
Let’s be smarter, safer, together.
