Fraudulent Transactions in Banking Exposed: Citizens Warned of Scams in Guyana
The Guyanese banking sector has been rocked by a wave of fraudulent transactions, with scammers using sophisticated tactics to trick victims into revealing sensitive information.
How Scams Work
According to experts, these scams can result from:
- Phishing emails or vishing telephone calls that trick individuals into disclosing their passwords and personal details on fake banking websites or bogus caller numbers
- Viruses or spyware used to gain access to bank accounts and steal personal information stored on computers
These scams have led to a significant increase in identity theft and financial loss for unsuspecting victims.
How to Avoid Falling Prey to Scams
To avoid falling prey to these scams, citizens are advised to:
- Exercise extreme caution when conducting online banking transactions
- Never send emails or make phone calls asking for sensitive information such as passwords or PINs
- Verify the authenticity of a website by carefully checking the address for subtle misspellings, additional words, and characters
Additional Security Measures
To add an extra layer of security, individuals are advised to:
- Ensure they have effective and updated antivirus/antispyware software and firewall running before logging in to their bank account
- Use strong passwords and PINs that should not be revealed to anyone else except for the person to whom they were issued
- Consider setting up dual authority with your bank, especially for transactions over a preset limit which could be fraudulent
Phone Call Scams
If you receive a phone call purporting to be from your bank or other financial institution and are asked to call back:
- Always do so from another phone
- Wait at least five minutes before doing so to avoid being scammed
Unusual Transactions
Citizens are also advised to:
- Report any unusual transactions in their statement immediately
- Switch off paper statements and register for online banking with mobile alerts to avoid interception and reading
Additional Tips
To stay safe while conducting online banking, individuals should:
- Ensure they have the latest Windows updates installed
- Never conduct online banking from public computers
- Be aware of “shoulder surfers” viewing your screen
- Do not assume that soft keyboards are more secure than physical keyboards as they are equally vulnerable to malware
Two-Factor Authentication
Many banks use two-factor authentication to provide stronger evidence of identity, requiring both something you know (password) and something you have (bank card or standalone device).
Reporting Fraud
If you have been the victim of actual or attempted fraud, report it to the police and your bank immediately.
For more information on online security and known frauds, citizens can visit their bank’s website.