Africa-Press – Mozambique. With a rapidly evolving fraud landscape where fraudsters are leveraging the latest technologies and constantly refining their modus operandi, businesses and individuals should always be on guard to avoid falling victim to the latest scams which could potentially see them losing millions while also suffering reputational damage.
Lourenço Francisco, Fraud Prevention Unit Manager at FNB Mozambique points out that “considering the technological advances and the sophisticated nature of the scams going on nowadays, it is essential to adopt fraud detection and prevention measures. As such, to protect themselves, companies and individuals need to keep constantly updated on the rapidly evolving trends and fraudulent schemes. It is crucial for businesses to invest time, effort and resources that can prepare their employees to detect fraud in a timely and efficient manner.
Company or individual data update request (KYC) – an SMS and/or email are sent to Customers, notifying them that the Bank is checking and updating his information, they are then requested to open a link to update their bank details. The page recreates the bank’s official website, but it is a scam, Customers are prompted to provide information about their accounts and cards, and this is where the fraudster gets hold of the data provided by Customers. You should not provide, under any circumstances, identification and accreditation information by these means, if you have doubts you must contact your Bank.
Lost and stolen phone – Customers will receive an SMS prompting them to click to activate their “Find My Phone” app, even though they have their phone with them. By clicking the link, this allows fraudsters to gain access to the phone – compromising personal and business data.
Business Email Compromise – fraudsters use malware, at times combined with social engineering tactics, to gain unauthorised access to a business email account and change invoice and supplier banking details. Businesses often fall victim to this scam as fraudsters are constantly refining the modus operandi. However, the objective is always to get businesses to pay money over into a fraudulent bank account. Vital that companies validate any request to change banking details with a known contact and use contact details you sourced themselves.
Tender scams – scammers often impersonate Government departments and fraudulently get access to company data, banking details, goods and services by misleading businesses into believing they have secured a tender/contract. Be wary of unsolicited requests to tender. It is advisable to contact the department to validate the request. Furthermore, ensure you are aware of how Government procures goods and services. Visit the Government’s tender website for information on the tendering process.
Remote access – this happens when fraudsters gain access to your device or profile by enabling remote access tools to be installed on your device. It is advisable not to use public WIFI to access your banking App. Also, always cancel or delete access tools installed on your device that you are unaware of.
ATM card swapping – this happens when you accept assistance from strangers at an ATM and then fall victim to the stranger swapping your card with another. If you put in your PIN in front of them, they will then have access to your bank account. Always remain vigilant.
Card Switching at ATMs – often fraudsters pretend to be kind and helpful individuals ready to assist ATM users experiencing difficulties with transactions, and easily manage to switch the user’s card, access the card’s PIN and perform fraudulent transactions on the conned user’s account.
Phishing, Vishing and Smishing – these are common identity fraud scams often carried out by email, voice or text or a combination of all the communication channels. Fraudsters use various methods to get sensitive personal or company data to be used for criminal activities.
” It’ s imperative that you contact your bank if you suspect that the phone number associated with your bank account has been changed or if you find yourself offline for a significant time period. Implementing adequate security measures and keeping on top of the latest scam trends is an important step to help safeguard businesses and individuals against recurrent fraud attempts”, concluded Lourenço Francisco.
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