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How criminals pretend to be your bank

Criminals are constantly devising schemes to gain unauthorised access to your accounts, aiming to siphon off funds for their own benefit. Their methods often involve deceit and manipulation. Here’s how they typically operate:

Step 1 – Impersonating your bank:

These fraudsters might possess some information about your business or account, which they’ll exploit to masquerade as your bank. They may even manipulate caller IDs during phone calls or SMS, making it essential not to rely solely on this information to verify their identity.

Step 2 – Requesting Remote Computer Access:

Criminals find it much simpler to execute their fraudulent activities if they can gain remote access to your computer. They achieve this by tricking you into downloading software through deceptive links, apps, or websites. Often, victims remain unaware that they’ve granted such access to their device.

Step 3 – Gaining Entry to Your Accounts:

Once they’ve secured remote access, criminals aim to breach your Online Banking. If you’re already logged in, they gain full visibility and control over your account. If not, they resort to psychological manipulation tactics, persuading you to divulge your Personal ID and Security Number. They’ll also coerce you into authenticating the login process, either by using your mobile app or providing them with One Time Passcodes (OTPs). Remember, your bank will never request such sensitive information from you.

Step 4 – Initiating Unauthorised Payments:

With access to your Online Banking, criminals proceed to initiate fund transfers from your accounts. They often justify these transactions under false pretenses, claiming it’s necessary to prevent unauthorised withdrawals. In reality, it enables them to siphon funds from your account. Rest assured, your bank will employ measures to detect suspicious transactions and halt them without requiring your authentication.

Protecting Yourself and Your Business:

Follow these simple guidelines to safeguard your financial assets:

  • Never disclose passwords or OTPs to anyone, including individuals claiming to represent your bank.
  • Only authenticate transactions that you’ve initiated through Online Banking, avoiding any requests via the mobile app that you haven’t personally selected.
  • Always validate calls regarding your account by referring to your bank’s official website for genuine contact information or using the number printed on your card. Never trust numbers provided in messages or by callers.

By remaining vigilant and adhering to these precautions, you can mitigate the risk of falling victim to fraudulent schemes.

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Kind Regards,
The Team at London Accountants