To uncover a new type of fraud, ICICI Bank Sent an email to my customer to create awareness about this type of financial fraud. According to the bank, the fraudsters are duping people with their hard earned money through WhatsApp and Facebook.
Here’s a look at how this hoax works.
Fraud through WhatsApp/Facebook account
Fraudsters access the customer’s Facebook or WhatsApp account and send messages requesting money to the contacts in the customer’s contact list. “In these desperate times, we’ve seen a number of genuine requests for funds, so requests from a known contact don’t seem normal.”
The contact sends the requested funds without contacting the requested party to confirm that they really need them because the request came from a trusted source.
The bank has also warned to be careful and always verify in such cases. If your WhatsApp or Facebook account gets hacked, bring it to the notice of the authorities.
ICICI Bank’s email said, “Please be aware that banks will never solicit your transaction and personal information like login password, one-time password, unique reference number etc.”
There are other different types of fraud which include Phishing, wishing, Smishing and online scam.
Phishing
To get customer information like Account Number, Login ID, Login and Transaction Password, Mobile Number, Address, Debit Card Grid Value, Credit Card Number, CVV Number, PAN, Date of Birth, Mothers First Name, Passport Number etc. Scammers use a combination of email phishing, voice phishing and SMS phishing.
Phishers have developed their own techniques to carry out complex attacks and use state-of-the-art social engineering techniques to trick users of online banking.
Wishing
Vishing refers to a con artist’s attempt to obtain personal information from you over the phone. Information such as User ID, Login and Transaction Password, One-Time Password (OTP), URN (Unique Registration Number), Card PIN, Grid Card Value, CVV, or any personal information such as Date of Birth or Mother’s First Name.
Fraudsters solicit consumers and posing as bank representatives in an attempt to deceive consumers into giving up their personal and financial information. Then, without your knowledge or consent, these details will be used to conduct fraudulent activity on your account, resulting in loss of funds.
Smishing
It combines phishing with short messaging.
Cell phone users across the country are receiving messages that their accounts are past due, need updating, or even that they need to sign up for a new program. The message contains a toll-free phone number and link.