SECURITY & FRAUD AWARENESS

What is Phishing?

Phishing is a fraudulent attempt by fraudster to obtain sensitive information, such as usernames, passwords, or financial details, by pretending to be a trustworthy entity via email, SMS, or fake websites.

Common Signs of Phishing Scams:

Suspicious Links: Take a moment to check the actual URL or link before clicking. Please note that the Bank will never send a clickable link.

Urgent Requests: Messages pressuring immediate action, like “Your account will be suspended!”

Grammatical Errors: Poor spelling or unusual formatting in messages.

Unexpected Attachments: Do not open attachments from unknown sources.

Requests for Personal Information: The Bank will never ask for sensitive details via email or SMS.

What are Scam Calls?

Scam calls are fraudulent phone calls where fraudster pose as trusted organisations - such as banks, government agencies, or service providers to trick you into sharing sensitive information or making payments.

Common Types of Scam Calls:

Impersonation Scams: Fraudster claim to be from your bank, police, or tax department, demanding immediate action.

Prize or Lottery Scams: Promises of winning cash or prizes, requiring upfront payments or personal details.

Tech Support Scams: Fake support agents claim your device has a virus and request remote access.

Debt Collection Scams: Threatening calls claiming unpaid bills or taxes.

What are Online Shopping Scams?

Online shopping scams trick victims into paying for goods or services that don’t exist or are of inferior quality. These scams often occur on fraudulent websites or through fake sellers on legitimate platforms.

Common Signs of Online Shopping Scams:

Unbelievable Deals: Extremely low prices for high-value items.

Fake Websites: Poorly designed sites with unusual URLs.

Payment Only via Bank Transfers: Scammers avoid traceable payment methods like credit cards.

No Contact Information: Lack of a physical address or customer support details.

What are Investment Scams?

Investment scams involve fraudsters convincing victims to invest in fake opportunities, such as stocks, real estate, or cryptocurrencies, with promises of high returns.

Common Signs of Investment Scams:

Guaranteed Returns: Promises of high profits with little to no risk.

Unlicensed Companies: Investment firms without proper accreditation.

Pressure to Invest Quickly: Scammers create urgency to prevent you from researching.

Unsolicited Offers: Calls or messages offering exclusive investment opportunities.

What is Bulk Payment Fraud?

Fraudsters exploit vulnerable systems to divert funds intended for legitimate beneficiaries to fraudulent accounts. This type of fraud often targets businesses that make large-volume payments to multiple recipients.

Common Signs:

• Changes in beneficiary details without proper authorisation.
• Targeting highest-value beneficiaries or siphoning portions from multiple beneficiaries into one fraudulent account.

Prevention Tips:

• Verify file content before and after uploading bulk payment files.
• Verify payment requests before and after approval.
• Train employees to recognise and report suspicious activity.
• Use antivirus software and perform regular scans on all devices.

What are Business Email Compromise (BEC) and Invoice Fraud?

Business Email Compromise (BEC) and Invoice Fraud use social engineering tactics to deceive businesses into making fraudulent payments. BEC involves impersonating high-ranking company executives or partners, while invoice fraud involves posing as legitimate suppliers or service providers.

Common Signs:

• Urgent emails requesting wire transfers or sensitive information.
• Emails with slight variations in the domain name (e.g., @ciimb.com instead of @cimb.com).
• Invoices requesting payment to new or unfamiliar accounts.
• Unsolicited payment requests or changes to payment procedures.

Prevention Tips:

• Verify payment requests and changes via a different mode of communication.
• Train employees to recognize and report suspicious emails or requests.
• Run antivirus and malware scanning regularly to detect and block fraudulent emails.