Banks in Trinidad and Tobago Hit by Wave of Fraudulent Transactions
The banks in Trinidad and Tobago have been plagued by a recent surge in fraudulent transactions, with authorities warning customers to be vigilant about protecting their personal information.
The Problem: Identity Theft
According to officials, identity thieves are using stolen personal data to open new accounts and initiate transactions in victims’ names. This can lead to financial losses and damage to one’s credit score if not detected early.
Methods of Stealing Personal Information
The fraudsters use various methods to steal personal information, including:
- Phishing emails that trick recipients into disclosing sensitive details like credit card numbers, PINs, and passwords
- Card skimming devices to capture account information from debit and credit cards when swiped
- Shoulder surfing: observing victims as they enter their PINs at ATMs or point-of-sale machines
- Distractions: swapping victims’ cards with fake ones
Tips for Protecting Yourself
To protect themselves, customers are advised to:
- Never let their cards out of sight
- Always ask for a mobile machine when conducting transactions
- Cover their PIN while entering it
- Be cautious about providing personal information over the phone or online
Additional Tips for Securing Your Account
Regularly reviewing account statements Changing PINs frequently Shredding receipts before discarding them
Romance Scams: How to Avoid Falling Victim
Romance scams have been on the rise, with fraudsters using fake romantic intentions to gain victims’ trust and then steal their money. To avoid falling victim:
- Research potential partners online
- Be cautious about providing financial information
- Never send money to someone you have only communicated with online or by phone
Work-From-Home Scams: How to Avoid Falling Victim
Work-from-home scams involve fraudsters paying victims a fraudulent cheque and asking them to cash it before transferring the balance to another account. These schemes often target young people and promise easy money. To avoid falling victim:
- Be cautious of promises of easy money
- Research potential job opportunities thoroughly
- Never send money or personal information in response to an unsolicited offer
How to Report Suspicious Transactions
If you suspect a fraudulent transaction, report it to Republic Bank’s Call Centre at (868) 623-4RBL (4725) or email internetbanking@rfhl.com.