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Financial fraud and online scams are on the rise and becoming increasingly sophisticated, so take steps to avoid becoming a victim of cybercrime. Remember the saying: if something sounds too good to be true, it probably is.
The best defence is awareness of the potential risks and knowing how to protect yourself effectively. Let’s look at the most common types:
This is when a criminal sends you an email or SMS in which they try to get you to give them your bank details or password. They may also try to get you to click on a link, QR code or file attachment to implant malware in your device.
The emails or texts often look like they’re from a legitimate organisation like a bank or retailer.
Once you arrive at the fake site, you're prompted to enter personal security information such as your account number, PIN, secure code or one-time password. The phishing site records everything you enter and then uses it to take over your computer remotely.
Scammers will call you claiming to be from a company or authority you know and trust, like your bank or phone provider. They may know some of your personal details.
They could say your account is compromised and ask you to share personal or financial details or transfer money to a “safe account”. Even if they ask you to press a different number on your keypad to speak to a customer service representative, it may just be another fraudster.
If this happens, hang up. And even if you say you suspect fraud and they recommend you call the number on the back of your card, make sure you've hung up and wait a while before calling. The scammer can play a fake dial tone and keep the line open so that even if you think you've dialled another number, you’re still talking to them.
Fraudsters send a fake SMS pretending to be from a legitimate company, intending to make you reply with your personal or account details so they can steal money from your account.
These messages will typically encourage you to take urgent action by clicking on a link or making a call. They’ll be from unknown numbers and look and sound genuine.
Other forms of fraud include SIM swaps, where your mobile number is duplicated.
Another common scam is ATM fraud, where somebody distracts you while withdrawing cash. They may either see your PIN or make off with your money as it comes out of the machine.
There are several ways to prevent falling victim to fraud and keep up to date on common scam tactics.
Don’t trust any unsolicited communication asking for personal or financial information. Always remain sceptical, no matter how legitimate it looks. Never open links or attachments if unsure about them. Follow the news on the latest scams and methods.
Never share your password, PIN, banking details, or personal information with anyone. Change your passwords every few months. A strong password doesn’t have to be difficult to remember.
While you can’t always avoid receiving calls and emails, you can keep your computer updated by installing a firewall, anti-virus and anti-spyware software. Keep your browser and software updated.
If you suspect something is fraudulent, report it immediately. Most financial institutions have robust systems to detect and prevent fraud, and you can play your part by alerting them to anything unusual.
Learn how to protect your account from fraud and misuse.
If you think an email or text message isn't genuine, or if you think you've been a victim of a phishing, smishing or vishing scam, please contact hbmeinternetabuse@hsbc.com. Or call us on the number on the back of your debit or credit card.
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