Common Frauds and Threats
Common Frauds and Threats
Our Online Banking services are a safe and convenient way to manage your finances, but you need to take care to guard against Internet fraudsters. It is important that you are aware of potential fraud attempts that originate from the Internet. Below please find information on the most common threats and frauds:
Vishing (Telephone or Voice Fraud)
Vishing uses social engineering over the telephone to gain access to private personal and security information. The term is a combination of ‘voice’ and phishing. It is typically used to steal credit card numbers or other information used in identity theft schemes from individuals.
The caller will advise that they are technical support staff from a major phone or computer software company and noticed from their records that you might need to have your computer updated. They usually include a threat, such as telling you that your system is about to collapse or that all of your passwords and security keys are going to be made known in the public domain, unless you perform the required upgrade etc. They may even attempt to coerce you to allow them remove access to your computer.
** It is important to note that the caller may use this opportunity to install virus on to your computer in order to obtain your personal details.
Other types of Vishing are calls purporting to be from AIB / different companies or advising that you have won or inherited money.
If you are asked for money upfront to release money, it’s probably a scam!
Phishing is a common technique used by fraudsters in an attempt to obtain personal and security information for the purpose of identity theft or financial gain. The fraudsters use email messages that appear to come from legitimate businesses in an attempt to fool you into visiting a fake website and supplying your personal details. Financial institutions are frequently targeted by these types of attacks.
AIB may on occasion, send you product related or marketing surveys via email. It is important to note that these mails will not ask you for Internet Banking login details or personal information.
Examples of some fake messages in the fraudulent mails are:
“Your Internet Banking account has expired. Renew your account information NOW. Please download and complete the attached form.”
“Your AIB Online Banking Access is suspended.”
“Please be informed that we send emails asking you to verify your account maximum three tome a year.”
“Note that your AIB CodeCard is about to expire. In order for it to remain active, Use the button below to Activate your CardCode and get Unlimited Access on your Internet Banking.”
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Advanced Fee (419) Fraud
Advance fee fraud or ’The 419 (four-one-nine) fraud’ as it's also known, is a method by which a fraudster attempts to trick you into supplying 'up-front' money to secure your involvement in their specified transaction. There are many variations of this type of fraud.
How does Advanced-Fee (419) Fraud work?
- You would first receive an unsolicited communication (e.g. fax, email, letter or website) concerning an individual, business or government entity wanting to get money out of the country
- These communications (e.g. websites, letters, emails or faxes) often look very similar to those of a reputable institution
- The fraudster then contacts you directly offering to transfer money into your bank account in exchange for a small fee
- If you respond to the initial offer, you may receive ‘official looking’ documents to complete. Typically, you are then asked to provide a blank letterhead and your bank account details, in addition to money to cover the transaction, transfer costs and attorney's fees
- The fraudster will then quickly move your money to an offshore account and then move on to their next victim.
How to recognise Advanced-Fee (419) Fraud letters
- They generally include requests for ‘up-front’ money to secure your involvement in their transaction. Hence the name: ‘advanced fee fraud’
- They are generally marked ‘urgent’ or ‘confidential’
- Often they promise millions of dollars for your help, once the transaction is completed
- They always have a scheme or reason for contacting you, examples include:
- An inheritance that is tied-up
- Diamonds in boxes that they need to get out of the country
- Millions of dollars in boxes that they need to get out of the country
- Money ‘frozen’ by government
- Excess oil or other merchandise
- Most 419-fraudsters present themselves as individuals such as doctors, lawyers, sons of ex-generals and other important persons, to trick you into thinking they are respectable and trustworthy individuals
- They are always seeking a foreign ’partner’ to help them
- They will ask for personal information about you, such as:
- personal or business letterhead
- banking information
- personal telephone number.
What should you do if you suspect a 419 scam?
Delete the email. The email, although it may look like it is addressed specifically to you, will have been sent to many people.
Malware (Trojans and Viruses)
The effects of malware can vary widely depending on what it is designed to do. Some cause little or no damage, while others can be very dangerous and deliberately target customers who bank online. Banking specific malware can gather personal or security information entered on the infected PC/laptop/phone. Such malware can gain access to the device when the user is tricked into opening or running an infected attachment they have received from a seemingly legitimate mail, through an infected file they have downloaded or even by visiting an infected website.
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SMS (Text Message Faud)
Text Message Fraud (SMiShing) is a common technique used by fraudsters in an attempt to obtain personal and security information for the purpose of identity theft or financial gain. The fraudsters send text messages that appear to come from legitimate numbers in an attempt to fool you into supplying your personal details.
Adware and Pop-Up Windows
Pop-up windows are the small windows or adverts that can appear suddenly over or under a browser window. Pop-up windows can be used to obtain personal information from an unsuspecting user. Fraudsters can also use fake ads to fool you into visiting a fake website and supplying your personal details.
Please note: Pop-up windows can be legitimately used by some websites/offerings, such as ’Verified by Visa’ and ’MasterCard SecureCode’.