Together we won’t let the fraudsters win.
There are so many reasons why protecting your money is important. It’s yours for a start and no one has the right to get their hands on it. But with incidents of financial fraud on the rise, you really need to be super vigilant when it comes to protecting your money.
What is fraud?
Fraud, or defrauding or scamming, is a crime. It’s where one individual intentionally deceives another individual to get an unfair or illegal gain or benefit. Fraud incidents almost always involve money, either indirectly or directly.
How does fraud happen?
You’ve probably, even very recently received a text message asking you to pay a strange delivery charge. Or had a random phone call from an unknown number asking you to pay your Amazon prime subscription. Or maybe you’ve seen a social media scam telling you that you are the winner of a competition and that there are millions waiting for you to claim.
Don’t let the fraudsters win!
Understanding and being aware of these scams will help you to protect yourself and keep your money safe. Here are some things to look out for.
1. Smishing and Phishing
Smishing or Phishing are typically either text messages or emails. They can appear like they come from a well-known brand or company. They are sometimes marked as URGENT to get your attention and will nearly always ask you to click on a link, which will bring you to a fake website where the fraudsters will try and get your confidential personal information, such as your date of birth and bank details.
Protect yourself against Smishing and Phishing
- NEVER respond to a message or click on an unexpected link from an unknown sender.
- Remember! Legit companies will NEVER send you a text or an email with a link asking you to share personal and confidential details.
- STAY AWARE. Some scam messages can appear within existing threads of contact with trusted organisations. So, if in doubt, contact the company directly to check if it’s legit.
- CALL TO BE SURE. If the message relates to Bank of Ireland, and you think your account details have been compromised or want to report a fraud on your account, call us on 1800 946 764
2. Social Media Scams
There are lots of advantages to using social media. But we also need to be careful about how much personal information we make available on our social channels. If someone we didn’t know looked at our posts, how much personal information could they gather on us?
The more information you post online, the more you put yourself at risk of becoming a potential target for fraudsters. For example, if a fraudster obtains your full date and place of birth, they could try to use this information to set up fake profiles or access your online banking accounts.
Protect yourself against Social Media Scams
- PRIVACY SETTINGS Most social media platforms are public by default, but most will allow users to control their privacy i.e., choosing who can see their content or who can contact them. It is always a good idea to check your settings and change your profile to private so you can control who sees your profile and what you post.
- LIMIT WHAT YOU SHARE The more information you post, the easier it is for a fraudster to piece together and use it for identity theft. So don’t give everything away.
- CHECK WITH FRIENDS Suspicious messages that look like they come from a friend could be from a fraudster, so speak with the person known to you directly first.
- IS IT GENUINE Remember, adverts or competitions on social media will often look genuine and encourage you to click on a link to visit their website and enter personal details. It is always better to double check the official website and if in doubt, don’t hand over any details.
3. Money Mules
An offer to make quick and easy money can seem appealing and it is how fraudsters attract people as ‘Money Mules’. Young people and students are prime targets.
Here’s how it works. If you’re recruited as a Money Mule, you’ll receive stolen money into your account, with an instruction to transfer it to another account, usually overseas, while keeping keep some of the cash for yourself as payment or an instruction to withdraw the cash and pass it on to the money mule recruiter.
Over 700 ‘money mule’ transactions totalling €5 million moved through banks accounts in first half of 2021 with majority of incidents involving 18-24 year olds.
Source: FraudSmart.ie
Protect yourself from being targeted as a Money Mule
- BEWARE Avoid engaging with requests or job advertisements that seem genuine, promising you the opportunity to get rich quick!
- DON’T allow your own bank account to be used to move money to other accounts.
- ALWAYS VERIFY any ‘working from home’ opportunities to make sure that the business is legitimate.
- REMEMBER! Moving stolen money is illegal and can have serious consequences.
If the offer is too good to be true, chances are it’s a scam.
For more information and tips on how to keep your money safe: Hear from Paul O’Brien, Group Security Bank of Ireland: Fraud with Paul O'Brien - YouTube
