Gibraltar Warns of Sophisticated Cybercrime Schemes Targeting Finance Industry

A Surge in Cyber Fraud Attempts

The Gibraltar Financial Services Commission and Gibraltar Bankers Association have issued a stark warning about a significant increase in cyber fraud attempts targeting local residents and businesses. The scammers are using sophisticated tactics to trick victims into revealing sensitive financial information.

How the Schemes Work

According to officials, the schemes involve:

• SMS mobile phone messages purporting to be from genuine banks, requesting customers to click on links and provide security details
• Email scams claiming to be from legitimate banks, asking customers to reveal sensitive information such as usernames, passwords, and security details

How to Avoid Falling Victim

To stay safe, residents are advised:

• Not to respond to suspicious messages or click on links
• To report any errors immediately to the bank, which will guide you through their security processes to verify your identity
• To notify the Royal Gibraltar Police of any incidents

What Banks Will Never Do

The authorities want to remind everyone that no legitimate bank would ever request sensitive information via SMS or email. “We want to remind everyone that these security details are provided at the start of a banking relationship and should be kept confidential,” said a spokesperson.

Staying Proactive Against Cybercrime

This joint warning from the GFSC and GBA serves as a stark reminder of the evolving nature of cybercrime in the finance industry. As authorities continue to combat these illicit schemes, residents are urged to remain proactive in protecting themselves against these threats.