Pioneer’s Post

🚨Scam Alert🚨 FraudSmart are advising consumers to be on alert for text message and phone scams currently in circulation and claiming to be from your bank. These are very convincing and sophisticated scams, aiming to access your personal and financial information through urgent messages about suspicious account activities. 🔍Key Takeaways: 🔹 Banks will 𝐧𝐞𝐯𝐞𝐫 ask for personal info via text or email, nor will they send you links in messages. 🔹 𝐃𝐨 𝐧𝐨𝐭 𝐜𝐥𝐢𝐜𝐤 on links or reply to unsolicited texts or calls requesting personal or banking details. 🔹 𝐀𝐥𝐰𝐚𝐲𝐬 𝐯𝐞𝐫𝐢𝐟𝐲 suspicious messages by contacting your bank through official channels. Stay informed and protect yourself from potential fraud. For more details on how to recognize and respond to these scams, visit FraudSmart's latest advisory: https://lnkd.in/eHAE2yAD

🚨 Scam Alert: Be on guard against rising scam calls! Scammers are posing as your bank, mobile networks, or even claiming to represent legitimate companies, aiming to trick you into revealing personal details. 🔒 Never share your bank account details, PIN, or grant remote access to your system. Remember: 📞 Fraudsters may make unsolicited calls requesting personal information. 💳 Your bank would never ask for account details or send a courier for your bank card. 🔒 Never allow remote access following unexpected calls, texts, or pop-ups. 🧐 Be cautious of calls, texts, or emails asking for money or offering financial help. Stay vigilant! Report scams to our consumeradvice.scot team at 0808 164 6000 or online: https://lnkd.in/d9c-S6r Protect yourself and others! #ScamAlert #StaySafeOnline #ScamCalls

🚨Scam Alert🚨 FraudSmart are advising consumers to be on alert for text message and phone scams currently in circulation and claiming to be from your bank. These are very convincing and sophisticated scams, aiming to access your personal and financial information through urgent messages about suspicious account activities. 🔍Key Takeaways: 🔹 Banks will 𝐧𝐞𝐯𝐞𝐫 ask for personal info via text or email, nor will they send you links in messages. 🔹 𝐃𝐨 𝐧𝐨𝐭 𝐜𝐥𝐢𝐜𝐤 on links or reply to unsolicited texts or calls requesting personal or banking details. 🔹 𝐀𝐥𝐰𝐚𝐲𝐬 𝐯𝐞𝐫𝐢𝐟𝐲 suspicious messages by contacting your bank through official channels. Stay informed and protect yourself from potential fraud. For more details on how to recognize and respond to these scams, visit FraudSmart's latest advisory: https://lnkd.in/eHAE2yAD #Fraud #BankFraud #Advisory #ZeroTrust #Scam

Good to see a payment service provider implementing the requirments from 2016’s Payment Strategy Forum identity guidelines. The ‘mutual authentication’ capability indicated that a PSP should be able to easily confirm its identity to its customer as well as authenticating them. This loophole has been used for years by fraudsters to establish trust in them where none should exist. Providing a simple way to confirm it is their PSP means that leakage of sensitive information, undermining of account authentication and fraudulent payments become less easy to perpetrate. https://lnkd.in/ehBpsevt

A wise philosopher once said "On the Internet, nobody knows you're a dog.*" The growth of successful scams poses renewed questions around the integrity of remote customer interactions with financial institutions and the potential for customers to be tricked or coerced, especially as customers age or have special needs. Some institutions still have processes which are inherently weak in their design, or behaviourally conditioning the customer to do things which help scammers. For example my bank rang yesterday (legitimately) and then asked for my full name, DOB and to key in a 6 digit code sent to my mobile before proceeding with the conversation. Name and DOB are widely available on public record (and can't be reset) and this process is conditioning customers to play along when they receive a scam call "from the bank's fraud team" seeking the customer to reveal the 6-digit OTP code to authorise a credit card payment. We need faster progress on centralised digital identity mechanisms that have a high level of integrity. *Peter Steiner, The New Yorker Cartoon, 1993.

𝐂𝐚𝐧 𝐘𝐨𝐮 𝐒𝐩𝐨𝐭 𝐚 𝐒𝐜𝐚𝐦? Staying sharp online is important. Scammers use crafty ways to rob you of your hard-earned money. Here are some pointers to identify a scam: ⚠️ They pose as reputable organizations like banks or service providers. ⚠️ They create urgency or pressure you to send them money. ⚠️ They ask for personal information about your mobile money account. ⚠️ They promise easy money but then insist you send them money to 'process' the transaction. Dial *707# to stop scams. DISCLAIMER: Report only suspected fraudulent numbers. Misuse can lead to sim card deactivation. Stay safe! #BeCyberSmart #ScamAlert #ZICTA

Financial institutions spend about 3% of their net revenue on marketing. A bank or credit union's brand equity is immensely valuable. And scammers are dragging these brands through the mud, imitating them and leveraging their infrastructure to steal from consumers - for free. There are a variety of costs that #banks and #creditunions are incurring because of scams, even if they don't know it. Not investing in scam prevention is not a reasonable option, because they are already paying the price. Check out my interview with Suparna Goswami of Information Security Media Group (ISMG) to learn more about the costs bankers are incurring in the fight against scams. You can't win a fight with both hands tied behind your back. And this is a fight. #scams #loyaltykiller #branddestruction #fightback https://lnkd.in/eDznQ5f9

Had Enough of the Scam Stress? We Hear You! Tired of side-eyeing every transaction, wondering if it's a scam? Well, guess what? Our banks are teaming up to take down scams with the groundbreaking Safe-Scam Accord. This $100 million initiative is set to change the game and keep your money safe. 🔍 Here's the Lowdown: 1️⃣ Smart Payee System: No more sending money into the abyss! Thanks to a cool $100 million, a new system is in the works to make sure your money reaches the right hands. 2️⃣ United Against Scammers: Banks are pooling their secret intel to outsmart those sneaky scammers. It's like your money's got a superhero squad! 3️⃣ Top Mission Priorities: The Scam-Safe Accord has a clear mission - from innovative payee solutions to putting a stop to scams. 🌟 Why You Should Care: 🌐 Your Money, Your Safety: This isn't just about banks; it's about keeping your hard-earned cash safe from scams. 🌐 Stay in the Know: The new system is just the beginning. Banks are stepping up to protect you and your dollars. Feeling iffy about a transaction? Report it like a champ! Reach out to Scam Watch by the ACCC and play your part in stopping the scammers! 💪💙 #ScamSafeMission #ProtectYourMoney #scammers #fraud #scamalert #fake #spam #beware #scamartist #alert

Here is a good article regarding how to create a synthetic ID. This might be old news to you, but for people new to fraud management in banks it might help you understand how the bad guys create a synthetic ID. Synthetic Fraud: Chasing Ghosts in the Credit System | fraudbeat.com