Filenews 3 October 2021 - by Theano Thiopoulou
The good news is that banks are making upgrades and investments of millions in their security systems to protect their customers. The bad news is that cunning people find ways to fool unsuspecting customers, using the internet and ATMs.
Banks in Cyprus, from time to time, with announcements warn their customers to be careful, not to enter sensitive information and to report suspicious cases of fraud. Customers usually receive misleading sms, emails, as well as messages through popular messenger, mobile and computer applications, from strangers, in order to defraud. During the communication, they are requested to enter sensitive information, such as user code and password, or bank one-time passwords (OTPs), numbers and other card information or to click on an electronic link, in order to gain access to customer accounts for transfer of funds or use of their cards. There are also the fake banking websites.
Malicious emails include links bearing copies of a logo of official banks, which redirect links to a fake website, supposedly of the official cooperation bank, where they are asked to disclose their financial and personal information. Fake bank websites are quite similar to legitimate bank websites. The scam is revealed relatively easily by observing the URL of the website but also several spelling and syntax errors, which would never have existed on an official bank page.
They joined forces for information
On the subject of informing the public everyone has joined forces. The Digital Security Authority, the Cyprus Police (Electronic Crime Subdivision), the Central Bank and the Association of Cyprus Banks have launched a joint information campaign, aiming at creating a protective shield against those who use electronic methods in order to defraud citizens and / or organizations. According to the announcement, the campaign called ASPIS (Information Security and Information Security) aims to raise awareness of the usual practices employed by fraudulent people in order to gain access to people's personal data and bank accounts or to involve them in bogus procedures in order to extort money. As of September 25, 2021, an information campaign has been launched on social media, television and radio.
Credit cards
The anti-crime website provides advice to investors on credit card fraud. It states that the methods that can occur in cases of credit card fraud are:
● copying data with special machines and micro-cameras for monitoring and recording the PIN Number at ATMs, which is the most widespread method in Cyprus,
● the method of trapping the card in ATMs with simultaneous use of special machines and micro-cameras for monitoring the code, where when the customer is removed from the ATMs the offender withdraws it and begins using it himself,
● card theft and passwords from various cunning and direct use. Cards can be stolen from postal boxes, cars or bags.
● copying card data with special small machines and copying the data to other empty cards and direct use. This is usually observed at points of sale by suspicious sellers, waiters, etc.,
● theft of card numbers made when using cards in stores or other places where payment is made,
● theft of card details via the internet.
Online fraud
The Financial Crime Investigation Office says the key to prevention is to be suspicious of any postal or electronic (e-mail, sms) letter that comes from an unknown sender.
• In case a message or letter is received that you have won a lottery of a lottery abroad and they ask you for anything to supposedly send you the winnings, do not respond. Just ask yourself. Which person or organization gives large amounts of money for free? Nobody.
• In case you receive a message or letter that you inherited property abroad and especially in Africa, do not believe it. If they still ask you for help to export their own property from Africa, for a fee, do not respond even out of curiosity.
• If you receive a message from your bank for any reason to supposedly confirm your account number or credit card number or pin numbers, do not believe it. Your bank will never contact you about such matters and not in this way. In case you respond and are deceived you risk not being compensated by the bank. Better to contact your bank immediately in another way to confirm.
• For online shopping you should be aware that you are taking a big risk. If you don't know your supplier avoid doing so. If it is an absolute necessity, before paying, confirm that the supplier's details are true so that you can locate him later in case he does not meet his obligation.
• In case you sell something online, do not accept payment by cheque or credit card. There is a high probability that they are counterfeit or stolen and you will be asked later to compensate.
How fraudsters act
• Goods are presented at lower prices than usual, to attract victims.
• The contact between the victim and the fraudster is via e-mail.
• After the first contact, follow-ups can be done by phone.
• Most often criminals are presented as the owners using different names. In this way they mislead their victim and make it harder to locate them.
• It was found that criminals, in addition to the use of different names each time, also use various titles such as directors of companies in order to make the whole process appear more formal and of course to further mislead their victim.
• Regarding the sale of cars, criminals send to their victims by e-mail, false documents of the car, with which they describe its various characteristics.
• Criminals, in order to achieve their goals, also use misleading websites so-called transport companies which guarantee the safe collection of money on behalf of their "customers". But when the payment is made by the victim, these websites are immediately withdrawn from the internet and the criminals cannot be identified unless they try again to deceive their victim by misinforming them even more. They tell them, say, that the customs authorities should be paid or tell them anything else they think if they feel that their victim will continue to pay.
• Many times the victim is asked to pay through Western Union or by remitting the money to a bank account. In this case, criminals use (rent) bank accounts of students or unemployed who earn for the use of their account some money. These persons, who in fact act as couriers, are instructed by the criminals to immediately withdraw the money that was transferred to their account and then send / remit it to them (criminals) using the Western Union many times.
• In the event that the payment is made to a company, whether it is a straw company or a legal company that deals with the collection of money on behalf of third parties, the money is usually transferred to East Asia and later back to Europe, or Africa.
Protection and immediate response measures
In the event that a cardholder finds loss or theft of his card, he/she should immediately inform his/her bank and JCC. Special attention should also be paid when using the cards in the ATMs. If any foreign object is found on the machines, the bank and the Police should be informed immediately.
Cardholders must keep their receipts and check their account statements every month.
The secret number, PIN number, must be memorized and not written anywhere. For the use of a card for transactions on the Internet, users are invited to use the special cards supplied by the banking organizations.
Prefer to fool online and by phone
In its report, the European Central Bank notes that card fraud is mainly carried out by internet, postal and telephone channels. The report differentiates between two main types of card fraud: Fraud carried out with physical cards, such as cash withdrawals, using fake or stolen cards and remote fraud, for online and other payments, using card details obtained from scams such as phishing.
As in previous years, the majority of fraudulent card transactions were carried out remotely, by post, telephone or online. They accounted for 79% of the total value of card fraud issued in SEPA (One Payments Area), while the fraud that took place at the point of sale (POS) and cash register machines (ATMs) accounted for 15% and 6% respectively. The value of fraud as a share of card transactions in Cyprus is 0.013%, in Greece 0.007%, in Italy 0.049%. Fraud rates in France and the United Kingdom were the highest, while rates in Romania and Poland were the lowest.
