Iceland’s Steps in Combating bank Fraud: A Warning to Individuals and Businesses

In a continued effort to safeguard customers from financial fraud, Iceland’s leading banking institution issues a stern warning against various types of scams targeting both individuals and businesses in the digital realm.Here are some common types of fraud to be aware of:

Cybercriminals pretending to be friends or trusted entities on social media to solicit sensitive information
Phishing sites disguised as popular platforms like Facebook, Instagram, or Telegram Money pages
Be cautious, if it seems too good to be true, it probably is

Smishing (SMS Phishing)

Exploit method where cybercriminals pose as reputable organizations like DHL or UPS
Obtain card information and create fake wallets
Access online banking accounts and carry out transactions

Vishing (Voice Phishing)

Fraudsters posing as brokers, offering large sums of money
Attempting to gain access to bank accounts
Using numbers like 539-5244, 539-5263, and 539-5264 to target unsuspecting Icelanders

Phishing Emails

Claiming to be from delivery companies, requesting you to click a link to update information
Containing malicious links or payment requests
Should not be trusted without verifying authenticity

Investment Fraud

Offers of high returns for little to no investment
Unsolicited contact from strangers promising quick profits
Research companies and schemes thoroughly before investing

Steps to Take If You Fall Victim to Cyber Fraud

Contact your commercial bank and the police immediately
For Icelandic residents, contact abendingar@lrh.is
Act swiftly to minimize potential damage

Best Practices for Protecting Your Online Security

Monitor your online accounts for suspicious activity
Report any suspicious activity to your bank and take screenshots of interactions
Be proactive in protecting your online security

Stay informed and be vigilant to protect your financial well-being against the most common types of fraud: smishing, vishing, phishing, and investment fraud.