Financial Crime World

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Fraud Schemes in Bahrain: Phone Scams Account for 90% of Bank Fraud Cases During First Half of Year, Study Reveals

A recent study by Kaspersky has revealed that phone scams accounted for an astonishing 90 percent of bank fraud cases in Bahrain during the first half of the year.

Key Findings

  • 23% of people in Bahrain faced banking fraud at least once in the first six months of 2020.
  • Most fraudulent calls were received during business hours: Monday to Thursday, from 11am to 6pm.
  • Over half (54%) of people realized immediately that scammers were trying to contact them, while 47% only grasped it when they opened the link.

Scam Tactics

  • Scammers targeted most people (73%) through their personal emails.
  • In 48% of cases, fraudsters mentioned the correct name and surname of the person whom they called, while in 43% of cases, they even knew bank card credentials.
  • The most common myths were:
    • Confirming data (74%)
    • Information about banking card blocking (76%)
    • Loan offers (70%)

Financial Scams on the Rise

  • Financial scams continue to grow, with a 45% increase in financial malware in the first half of 2020 in the GCC region.
  • Unfortunately, many people still do not know how to recognize criminals and lose money as a result of simple scam schemes.

Experts’ Advice

  • Kaspersky’s Middle East Research Centre head Amin Hasbini advises ending conversations with suspected scammers and calling the bank’s official number instead.
  • Bahrain- based Artificial Intelligence (AI) Society president Dr. Jassim Haji recommends:
    • Avoiding public or shared WiFi while making online purchases, doing banking or financial transactions, or relaying financial information
    • Reviewing account statements and credit reports regularly to spot unauthorized or suspicious transactions
    • Documenting and reporting these immediately
    • Opting for two-factor authentication whenever possible

Final Tips

  • If in doubt, wait, verify, and do not respond to any unsolicited offers, emails, or calls until you are 100% certain of their authenticity and trustworthiness.
  • Be alert to any instances of being asked to relay personal information by phone, email, or text - especially if it’s unsolicited.
  • Verify that emails or phone calls are legitimate by contacting your bank directly.