Fraudulent Activities Rock Seychelles Banking Sector

A Growing Concern in the Island Nation

The banking sector in Seychelles has been plagued by a wave of fraudulent activities, leaving many unsuspecting victims reeling. The most common technique used by fraudsters is phishing, where emails, text messages, and pop-up messages are sent to users claiming to be from reputable financial institutions or e-commerce sites with the intention of getting them to release personal information.

Techniques Used by Fraudsters

• Phishing: Emails, text messages, and pop-up messages claiming to be from reputable financial institutions or e-commerce sites.
• Skimming: Credit/debit card numbers are captured using a special storage device when processing cards.
• Change of Address: Online hackers divert billing statements to another location by completing a change of address form.
• Traditional Theft: Physical theft of cash, credit cards, and personal information.
• Phone Fraud: Scammers call victims, claiming to be from a legitimate organization, and request personal and financial information.
• Dumpster Diving: Thieves rummage through trash to find sensitive documents.

Other Types of Frauds

• Lottery Scams (also known as 419 frauds): Victims are lured into providing their bank account numbers with promises of massive paybacks.
• Investment Scams: People are lured into attractive investment opportunities with massive returns, only to have their money stolen.

Malware Attacks on the Rise

Fraudsters are using various tactics to trick victims into revealing their financial information. These include:

• Fake emails that look like they come from legitimate organizations
• Phone calls and text messages
• Fake pop-up windows that appear to be part of a genuine website

Authorities’ Warning

The Seychelles Monetary Authority (MAA) has warned citizens to be vigilant against these scams, advising them never to respond to emails that request personal and financial information and never to click on links in such emails.

Additional tips from the MAA include:

• Do not send money to unknown individuals or companies
• Always verify the authenticity of any offer before investing
• Be cautious when using public Wi-Fi networks
• Use strong passwords and keep antivirus software up-to-date

Investigation into “Money Mules”

The Seychelles Police Force has launched an investigation into the recruitment of “money mules” who are being lured into transferring funds overseas in exchange for a commission. The police have warned citizens not to fall prey to such schemes and to report any suspicious activity to the authorities.

Conclusion

The Seychelles banking sector is facing a major challenge from fraudulent activities, and citizens are being urged to remain vigilant and take steps to protect themselves from these scams. The authorities have promised to do everything in their power to bring those responsible for these crimes to justice and to ensure that the financial system remains secure and trustworthy.