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Cybersafe May 29, 2020

Online Banking: Knowing A Scam

Individuals have something that hackers and scammers want—personal information, home banking, Netflix detail, etc.—and try to come up with different ways to attain it. With the enhanced community quarantine underway, it’s the same MO but a slightly different method. 


The finesse these hackers and scammers have when it comes to preying on individuals has improved over the years. Compared to when such attempts first began, the schemes now are far more refined. The grammar is better, the tone is convincingly professional, and the fake websites almost look like the real thing. It makes falling for these attempts very easy—unless the individual has the appropriate knowledge to fight with.


Scams aren’t copy-pasted across scammers, but they do follow similar patterns. The following are the most commonly used patterns:


  1. Verify your bank account” – Scammers pose as bank employees or representatives and send a link to a bank website lookalike. It requires the input of personal information that actually goes not to the bank, but to the scammer.


  1. Reactivate your account” – An email is sent to notify account holders about account deactivations. A link to a bank website lookalike is attached to the email and requires personal information for reactivation. The email, sent by a bank based email, is made to look official with the bank logo and template.


  1. Overpayment or erroneous charge” – This is a notification sent to bank clients about the amount of money charged to the account. The overpayment or erroneous charge can be waived through a link, which requires more personal information.


As seen through all the patterns, the scammers will always ask for information which banks will never do. Remember to be wary if an official and professional looking bank email or notification requires inputting personal information. That is likely a scam.


This article is part of the Banker’s Association of the Philippines’ (BAP) #CyberSafe campaign, where the BAP aims to promote awareness in cybersecurity. The campaign will upload new posts tackling common web security questions and issues, on Wednesdays and Sundays every week.

For more content on cybersecurity, visit the BAP Official YouTube channel.