Filenews 12 December 2021 - by Theano Thiopoulou
Online traders must be vigilant in order to ensure the safe use of electronic services and to inform them about the new forms of electronic fraud that dominate the Internet at European and, by extension, at national level, due to the increase in phenomena.
At the same time, however, as due to the pandemic, transactions through alternative digital networks have increased rapidly, a trend that is estimated to remain even after the end of the pandemic, new forms of fraud are appearing internationally, but also in Cyprus. On the occasion of the public awareness campaign on cyber scams launched by Europol, in cooperation with the European Banking Federation (ETO), in the framework of the European Cyber Security Month (November), the following 4 new forms of fraud were added to the information material with the typology of "cyber" fraud and ways of prevention: Alleged technical support scams, online phone scams, identity thefts and SIM Swapping scams.
A few days ago, the Association of Banks informed with an announcement that detailed material has been posted on the types of electronic fraud and the appropriate ways of response by the public. The page is updated based on the available information in the link https://acb.com.cy/joint-cyber-scams-awareness-campaign-europol-ebf/?lang=el. As noted "as the use of technology and digital applications increases, so criminals will seek to steal money, gain access to accounts or illegally obtain personal material from citizens. Within this framework, authorities, organizations and stakeholders seek greater and more direct communication with the public to deter cybercrime attacks."
In his speech at the 9th Banking Forum & FinTech Expo, the Governor of the Central Bank, Konstantinos Herodotou, referred to these crimes, stressing that global developments are accompanied by costs and risks. "The number of cyber incidents reported in ECB banking supervision in 2020 increased by 54% compared to 2019. These included hacked credit cards, leaked information, and malicious banking applications."
What Europol says
According to Europol's website, online purchases refer to purchases made either on a computer or on a smart phone/tablet.
Before you place an order:
Read carefully the terms and conditions, including small letters. These terms and conditions should be available on the trader's website, Europol notes. "Check that the trader's address details are available on the website and save it or print them out in case you need to return items. If no address details are given, you should proceed with caution. Note the URL of the store. Read what the merchant has to say about delivery costs, accepted currencies and applicable taxes."
When you make a purchase:
Save or print the description and the terms and conditions displayed by the merchant and which you must accept before you can place your order. Europol's website states "accept the payment by entering the number and expiration date of your card in the online form and follow the merchant's instructions. If the online store uses full authentication, you will be redirected, for example, to your online banking service, for identification. Save or print the payment confirmation displayed by the merchant. Keep stored or printed items in case they are needed later for review or comparison. Most online stores send customers a confirmation via e-mail, save these messages!"
Incorrect billing
Common errors in online purchases are the delivery of the wrong product or service, the delivery of a defective/damaged product and the non-receipt of goods. If you are having problems with a product or with delivery, always contact the store where you made the purchase first. Preferably use e-mail to have a record of your correspondence. If you can't resolve the issue with the merchant, contact your bank's customer service. They will give you further instructions, for example if you need to report to the Police. If you return defective or damaged products, always do so by registered mail. Keep the receipt with the tracking number, because you may need it later.
Better security than apologies
Never send your card number, PIN or any other card information to anyone via e-mail. If you don't buy anything, don't submit your card details. There are, for example, games and fake lotteries online, whose sole purpose is to obtain your credit card details. Many online merchant sites will ask to store your payment information. Think twice before you decide and make sure you understand the risks this can entail – such as, for example, the site being hacked by cybercriminals. Most well-known brands have a strong customer safety policy.
According to the information provided by Europol's website, use brands and stores that you know or have used in the past and check the ratings of individual sellers on websites such as Amazon or EBay. For online shopping, make sure that the online security protocol, called 3D Secure - Verified by Visa / SecureCode / SafeKey, is used. Ask your bank or card issuer about this. Whenever possible, make your online purchases on websites that use full authentication (verified by Visa/MasterCard Secure Code).
If the site does not support full authentication, make sure that the data transfer is properly protected. Make sure that there is an unbroken key or lock icon at the bottom of your browser window and that in the address bar the URL starts with https:// instead of http://. Don't send money to anyone you don't know. If someone approaches you online and asks you for money, think about whether you would give the same amount to a stranger on the street.
When you buy something online from another person, don't send money upfront to the seller. If possible, reserve the right to receive the goods first. Use credit cards when buying things online. Most credit cards have a strong customer protection policy. If you don't receive what you ordered, your bank can advise you on the refund process.
Security tips for apps
Please read the terms & conditions of the mobile apps before downloading to your mobile device, especially if they ask you to enter your credit card information. Use prepaid debit cards to sign up for recurring mobile app payments. When you give your tablet to your child, make sure in-game purchases with your credit card aren't possible without a PIN code that only you know.
Your credit cards
According to Europol's information material:
● Only criminals will request your online banking credentials or card details via e-mail or phone. Neither your bank nor law enforcement authorities will ever do it. If you have disclosed your online banking credentials or card details to an unknown person, cancel the card and contact your bank immediately.
● Your credit card is just as valuable as your bank account. Take care of it well. Protect your cards as you would protect your cash. Don't save or write down your PIN code. Never reveal your PIN to anyone. Save the contact number of the card blocking service on your mobile phone. Sign your name on the back of the card. A merchant is not obliged to accept payment using an unsigned card. Familiarize yourself with the general terms and conditions of your card. Check regularly that your card is where it should be. Always have your card in your possession. Don't leave your card in a car, restaurant table, visible location in your office or hotel room, or anywhere else unattended.
Set withdrawal and purchase limits on your card that meet your needs. These boundaries can be changed when necessary. Ask your bank if it is possible to set limits with your card.
● Beware of pickpockets. Be especially careful when moving in a crowd. Never keep your card in a back pocket or in another easily accessible place. Expired cards should be canceled, cutting them into several pieces so that the magnetic stripe and chip are destroyed.
Withdraw money from ATMs
According to the general rules, the trader must stand close to the ATM and always protect the PIN when entering it. As a general principle, Europol notes "evaluate the ATM. If you notice something suspicious on or around the terminal, do not use it. Contact your service provider. The phone number is always visible on the terminal itself. Be aware of others around you. If someone is watching you, choose a different ATM. If you need to queue up at a terminal, do not open your bag or wallet while you wait. If you withdraw cash, keep it immediately after it is recovered from the machine. In case of loss, if the ATM does not return your card, report it to your bank."
You study your account statement |
When you review your bank statement, you should be able to identify every purchase you made. The exhortation to traders is "remember that it is also possible that a merchant has a different name outside the store than in the banking transaction. Report any strange activity to your bank. Be very careful with attractive offers and information that you may find online or via e-mail. If it sounds too good to be true, it probably is. Be careful with unsolicited emails.
Don't open attachments or click on links they might contain, even if they appear to come from a reputable merchant, as they may be part of a phishing scam."
Some extra tips
Europol on its website advises that before you provide your card details to pay for a continuous online service (such as antivirus software), learn how to discontinue this service and the recurring charges associated with it. Always store all documents related to your online purchases. They may be needed to determine the terms and conditions of the sale or to prove that you have paid for the goods.
Some online shops outside Europe may request a copy of your card and passport by fax to ensure that the order is placed by the actual cardholder. Never send your card details in an unencrypted e-mail. If you don't provide these details, the store probably won't ship your order.
