Avoiding Bank Transfer Fraud

Bank transfer fraud can come in many forms, but there are several things you can do to protect yourself. Here some useful tips from action fraud: First, ensure that your employees are not allowed to access sensitive data. If they do, it is possible that they will leak it to an unauthorised party. Second, you should avoid falling victim to online love interests claiming that they need cash.

action fraud

Restrict employee access to sensitive data to avoid risk of leakage

It is vital to keep data safe in order to maintain a safe and productive workplace. Security policies must be implemented by companies to limit employee access and network privileges. Employees should only have access to information that is necessary for legitimate business purposes. Security systems should issue alerts if unusual behavior is observed. These alerts could indicate that a script has been running or that sensitive data is being accessed by a compromised account.

Encrypting sensitive data and placing it behind a robust authentication method such as two factor authentication are two effective ways to minimize the risk of leakage. Data leakage is often caused by people. Companies should train their employees on how to properly handle sensitive data.

Fraudsters calling pretending to be from HSBC.

Fraudsters pretending they are HSBC can make it extremely scary to receive phone calls. This is because these scams are designed to get people to do things they wouldn’t normally do, such as transferring money or providing sensitive information. Do not respond to calls from a fake HSBC number. Instead, call the legitimate number again and follow the prompts for verification that it is indeed a genuine HSBC representative.

In this scam, the caller asks for personal and banking details, such as the customer’s name, account number, and sort code. The caller claims to represent the HSBC fraud team. He asks for such information to help recover stolen funds. After entering these details, the caller is instructed to reveal a secret OTP number, which they believe will allow them to retrieve their funds. However, the customer doesn’t realise that this OTP code is actually authorising the card transaction.

Online love interests claiming they need cash

Online love interests who claim they need money can be a serious fraud. There are many warning signs that you should be aware of before you send any money to someone online. First of all, you should never send any money to someone who asks for it. This is a common scam tactic that many scammers use to lure people into sending money.

419 scam

A 419 scam is a bank fraud in which scammers ask for money. After paying their admin fees, the scammers will claim that you will be repaid later. They might ask you to send money from other parts of the world, such as Nigeria, Iraq or West Africa. You may also be asked to wire money to people you do not know.

Although the 419 scam is often compared with spam, they are very different. While spam is sent in bulk through botnets, scammers perform most of their activities manually. Based on their business model, their methods will differ. Spammers use engineering to trap their victims and the 419 scammers use human factors like greed and pity to manipulate their victims.

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