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Facility takeover

Fraud happens when the existing customer's account is hijacked through phishing or other methods like social engineering. The client assumes they are talking to a legitimate firm representative and divulge all the personal information. 

The criminals use the data collected by such methods to target customers extract and steal money from their bank accounts.

How Does It Happen?

Such crimes can happen in various ways, like intercepting the PIN code or resetting the passwords where the criminal impersonating a government representative calls the victim or sends a questionnaire that may include the security question often used in bank accounts. 

For example – they ask the client about their mother's maiden name, childhood name or birth city, which can be the security question's answer linked to your bank or email account. 

Sometimes, when someone is trying to order a mobile phone, or products or services from a website, you are asked to fill in the details by the criminals posing as delivery companies, or they send a message or call to tell the homeowner they missed delivery, and the details were required for re-delivery.

How To Protect Yourself?

  • Always examine all the account statements carefully and check the financial records to identify any suspicious transactions, requests or modifications in detail. 

  • If you find any changes you did not authorize, you should notify your bank about any unusual activity. You can ask them to suspend the account if you suspect fraud.

  • If you suspect any request or call where the other person is asking for security questions or bank details, you should refuse to answer or ask more and more questions. 

  • Instead, try to find out why they are asking, or you can immediately reject or ignore the request. 

  • Do not panic or rush to decide about money transfer in a hurry. If you suspect a fraud, report it to the investigation agencies.

Date Published: Sep 12, 2023

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.

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