Find out how to avoid falling for banking scams

The Brazilian Federation of Banks (Febraban) reports that it has “routinely invested in awareness and information campaigns for the population through marketing actions on TV, radio and social networks.”

The entity advises scam victims to “immediately notify their bank so that additional security measures can be adopted, such as blocking the application and access password. A police report must also be made.”

According to Febraban, “when receiving a suspicious call, the customer must hang up, get the phone number on the bank card and call from another phone to get the story straight.”

Another recommendation from the entity “is to be wary of promises of exaggerated benefits. And never deposit money into anyone’s account for the purpose of ‘securing the business’. If you receive an apparently advantageous and attractive proposal, the consumer should not confirm the transaction right away.”

The client should always ask for the proposal to be sent to him in writing. “And check if it matches the verbal promises. In any case, if you are suspicious of the offer, you should search the channels of the financial institution that made the offer in order to confirm whether it provides services to the bank.”

According to Febraban, six types of scams are currently in evidence. Read below how they are applied and how bank account holders can avoid being deceived as per the entity’s guidance:

Fake employee scam

The fraudster contacts the victim posing as a fake employee of the bank or company with which they have an active relationship. It informs you that your account has been hacked, cloned or another problem and, from there, requests the victim’s personal and financial data. And he even asks her to call the bank center, on the number that appears on the back of her card, but the fraudster continues on the line to simulate the center’s service and ask for her account details, her cards and, mainly, the your password when you enter it.

How to avoid

If you receive this type of contact, be suspicious immediately. Hang up and contact the institution through official channels, preferably using your cell phone or mobile applications, to find out if something really happened to your account. The bank never calls the customer asking for a password or card number and also never calls to ask to make a transfer or any type of payment.

0800 scam

Scammers are sending SMS messages to the customer or on messaging apps informing them of a suspicious high-value transaction in a retail purchase, asking them to contact a supposed customer service center to clarify the issue. A 0800 number appears in the text of the message, which is supposed to be a telephone exchange for a bank or credit card department. They use this technique to bring greater credibility to the message. As the purchase is fake, when calling the fake customer service center, the scammer says that the transaction is under analysis and that is why it does not yet appear on the customer’s invoice. And to resolve the matter, the consumer must make a transaction to regularize the problem, or even ask for personal data, such as account number and password, to cancel the operation. Another trick that is also used by scammers in messages is to claim that the miles or points on the customer’s card are expiring.

How to avoid

The customer should never make calls to telephone numbers (0800) received via SMS or other messages. If you have any questions, the customer should call their bank’s official channels or their manager. Banks call customers to confirm suspicious transactions, but they never ask for data such as passwords, tokens and other personal data in these calls. They also never call and ask customers to make transfers or PIX or any type of payment to supposedly resolve account problems.

Remote access scam

In this scam, also known as the Ghost Hand Scam, the fraudster can contact the victim posing as a fake bank employee. It uses several approaches to deceive the customer and says it will send a link to install an application that will solve a supposed problem. Or it can send fake SMS, emails or links in messaging applications, which trick the user into clicking on suspicious links, which install malware (evil software).

How to avoid

The bank never calls the customer or sends messages or emails asking them to install any type of application on their cell phone to supposedly resolve a problem with their account.

Fake Toast or Fake Birthday Gift Scam

On commemorative dates, customers should be careful with scams involving fake gifts or fake birthday gifts. After discovering personal data, gangs contact the victim and say they have a gift or gift to deliver and insist that the person receive the gift in person. Criminals even give something to the victim, usually flowers, cakes or cosmetics. They claim that they are service providers and that they do not know information about who actually asked to make the delivery and ask for payment of a fee. The delivery person may deliver a machine with a damaged display or in a way that makes it impossible to see the price charged on the screen and apply the scam of the machine and even the card exchange.

How to avoid

Do not provide personal data in links sent over the internet for supposed promotions and be very careful when filling out registrations on the internet. Never accept unexpected gifts without knowing who really sent them. Swipe the card yourself through the machine instead of handing it over to someone else. Always check the value of the purchase on the machine before entering your password. And protect the security code.

Social engineering scam with WhatsApp

The criminal chooses a victim, takes their photo from social networks, and, somehow, manages to discover the cell phone numbers of the person’s contacts. With a new cell phone number, he sends messages to the victim’s friends and family, claiming that he had to change his number due to some problem. From there, he requests a transfer via Pix, saying he is in some emergency situation.

How to avoid

Febraban warns that it is necessary to be very careful with the exposure of data on social networks. When you receive a message from a contact with a new number, you need to make sure that the person has actually changed their phone number. Do not make Pix or any type of transfer until you speak to the person requesting the money.

Fake auction/fake sales scam

Scammers create fake auction sites, advertising all types of products at prices well below market prices. They then ask for transfers, deposits and even money via Pix to ensure the purchase. They usually appeal to the urgency of closing the deal, saying that you might lose the discounts, but they never deliver the goods. In the same way, they create websites for fake companies and fake stores to carry out scams..

How to avoid

Always research the auction company on complaint websites and check the auctioneer’s CNPJ. When making a commercial transaction with any company, always research it on complaint websites and check its CNPJ. Never make transactions on websites that do not have a security padlock in the browser or transfers to individual accounts. Be aware of retail stores on social media. Always be suspicious when the seller appeals to the urgency of closing the deal, saying that you may miss out on discounts. Also be suspicious if they ask for money in advance to close a deal.

In addition to these types of scams that “are in the spotlight” according to Febraban, other frauds have already been in use. To learn more, click here.

Febraban also published 10 anti-coup tips. To find out, click here.

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