CBN warns against fraud – Jamaica Observer


NICHOLSON…we’ve lost over $17 million in just over a week from these activities.

LA National Commercial Bank (NCB) says it has seen a “significant increase” in fraud in recent days and is warning customers to be more vigilant to avoid falling victim to fraudsters.

Dane Nicholson, Head of Special Investigations, Fraud Prevention Unit, National Commercial Bank, told the Jamaica Observer that the bank has seen a significant increase in the number of customers falling victim to smishing and phishing attacks.

“We have incurred over $17 million in losses in just over a week due to these activities,” Nicholson said. The sums were scammed for 10 days. This means that the bank lost an average of $1.7 million from operations during the period. Nicholson said the figure is higher, adding that the problem has been around for some time, but the rise in recent days of this type of fraud has been significant.

“What these scammers are doing is sending customers text messages purporting to be from NCB and they are asking [the customer] to click on a link to regain access to their accounts because their accounts are closed or restricted due to suspicious activity, their password is about to expire, or something like that, and they need to act now. So there is always a sense of urgency in these smishing and phishing attacks. [With them] once you click on a link, you will be taken to a page that looks like NCB, and it [will] ask the customer to enter their username and password, then most of the time, after following the instructions and clicking continue, the page times out and the customer receives an error message. Sometimes it will go to another page that asks the customer for their credit card information – the full 16 digits – the expiration date, then the CVV, and after clicking that you get an error message.

Nicholson said fraudsters use this method to get enough information about the customer’s account. The blocked customer is then called by the fraudster, who pretends to be a bank employee. “I have seen many cases where they call customers [pretending to be an employee of the bank] and they call to verify some suspicious activity on the account and in order to stop [the suspicious activity], the customer must present the person on the phone with their token codes. Now, once the fraudster obtains their RSA token code, they can add beneficiaries to the account and then fraudulently transfer the funds to those accounts,” the CBN Fraud Prevention Officer explained.

“I want the customer to know that NCB has a no click, no link policy. So once you receive an email – which is a phishing attack – or an SMS message – which is a smishing – asking you to click on any links to take certain action with regards to restricting your account or recovering access to your account due to suspicious activity, do not click on those links. someone calls you claiming to be from NCB asking for your username, password, RSA token code, do not provide this information, we do not need any of this information to stop any fraud So once you receive a message asking you to click on a link, we ask customers to stop and think it’s a fraud, do not click on that link.

However, smishing and phishing are not the only fraudulent situations the bank is currently facing.

“Generally the fraud landscape since COVID, we have seen increases in different activities. So, for example, we have seen a significant increase in charger scams where fraudsters create fake ICT TacWhere instagram Where Facebook accounts and inform customers that they can load their accounts into NCB. They tell them they have a connection to the bank that can provide them with funds and clear the audit trail. And they ask the customer to provide username, password, RSA token code, debit card number, TRN, etc. funds that have been scammed and then tell the customer to go to the bank to report the card lost or stolen or their phone has been stolen and a loan has been taken out of their account and they don’t know about it. So we’ve certainly seen an increase in both of those activities over the last two months. »

Nicholson said the “charger scam” is done in collusion with a bank employee. When taken, they are taken over by the bank. Customers who participate in the activity are also notified.

“Clients who participate in this activity are definitely colluding with fraudsters in an attempt to defraud the bank. So far, all of our investigations have led us to collusion, so all of these clients will have to repay these loans. So , we just want the customer to know that we know the Jamaican mentality about ‘eating a food’ and everyone has a connection somewhere, however these scammers have no connection to NCB. do is simply take out a loan on the client’s account.

He said the matter “has been reported to the Fraud Squad and the case is being prepared to charge numerous clients with conspiracy to defraud”.

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