Online Banking Fraud Prevention: A Growing Concern in Seychelles

The Central Bank of Seychelles and the Seychelles Bankers Association have sounded the alarm about an alarming rise in online fraud and scams targeting individuals and businesses in the country. In this article, we’ll explore the latest scams being carried out through social media platforms and provide tips on how to protect yourself from these fraudulent activities.

The Rise of Online Fraud

Cyber fraud is on the rise, with scammers using phishing strategies to trick victims into revealing sensitive information. These tactics include:

Spoofing: Cybercriminals impersonate companies or employees to gain trust.
Business Email Compromise (BEC): Hackers gain access to corporate email accounts to conduct fraudulent transactions.

Other common scams include:

Ponzi Schemes: Fraudsters promise high returns on investments, but ultimately use the money for personal gain.
Romance Scams: Con artists build fake relationships with victims, asking for money or gifts in the name of love.
Lottery Scams: Victims are promised large sums of money after winning a lottery they never entered.

Real-Life Examples

Even high-profile individuals are not immune to online scams. The Governor of the Central Bank herself has fallen victim to fake Facebook profiles claiming to be hers, warning others not to engage with unsolicited communications and report any suspicious activity to the Central Bank.

Local businesses have also been targeted, with one Seychellois businessman losing R1.2 million and another $300,000 (USD). Scammers often target vulnerabilities and prey on people’s trust, requesting payments through money-remittance services without a paper trail.

Protecting Yourself

To avoid falling victim to online fraudsters:

Be Vigilant Online: Monitor your accounts regularly for suspicious activity.
Create Strong Passwords: Use unique and complex passwords for all accounts.
Use Multiple-Factor Authentication (MFA): Add an extra layer of security with MFA.
Never Share Sensitive Information: Refrain from sharing personal or financial information with unknown sources.

Warning Signs

Be cautious of messages with:

Sense of Urgency: Scammers often create a false sense of urgency to prompt immediate action.
Generic Greetings: Avoid responding to generic greetings without a personalized message.
Poor Presentation: Legitimate companies usually have professional presentation and grammar.
Spelling Mistakes: Be wary of messages with grammatical errors or typos.

Authorities Take Action

The Central Bank is working closely with banks and financial institutions to alert them to these scams and advise clients as necessary. The authorities have also launched an appeal to everyone to be more vigilant online and take measures to protect themselves and loved ones.

Stay Safe, Seychelles!

In the run-up to Valentine’s Day, romance scams are expected to increase in frequency. By being aware of these scams and taking precautions, individuals can avoid falling victim to online fraudsters. Stay safe, Seychelles!