Introduction

Online account constitutes a substantial improvement in terms of money management and the performance of operations. However, many scammers try to steal our data to access our online accounts. Therefore, it is convenient to consider specific guidelines to avoid online scams.

How Fraudsters Can Access Our Data and Online Account?

Fraudsters

Although the banking field has different security protocols and systems in charge of protecting its clients’ accounts and safeguarding their money, there is also a very wide group of people dedicated to perpetrating scams of all kinds to avoid them.

In this sense, fraudsters know the precautions institutions take and the security measures to protect checking accounts. That is why their strategies aim to deceive customers instead of institutions that comply with stringent regulations.

Among the different types of scams, the following three are the most representative and typical within the online environment.

Phishing to access Online Account

This method is used by scammers to obtain a person’s data and access their accounts. Typically, this is an email from a recipient identifying themselves as a known institution that invites the person to open a link that requires them to fill out a form with their personal account information or download malware.

Smishing for Online Account

This modality is like the previous one, although it generally occurs through messaging applications such as WhatsApp or Facebook. In these cases, the scammer may identify themselves as a service provider, bank, or company to obtain information from the person to access their account.

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Spoofing to access Online Account

Finally, the third widespread technique fraudsters use to gain access to accounts and electronic wallets is identity theft. In these cases, the person is identified as an authority figure that the scam victim can recognize. Its tools are varied: fraudulent emails, messages, and websites are just some of them.

How to Identify Scam Attempts

As these types of scams happen often, multiple signs of their practice can be recognize. Therefore, banks and financial regulatory agencies recommend following the criteria below to identify, avoid and report any fraud attempts that may occur to us.

Scammers Pose As Reputable Organizations Or Institutions

Fraudsters seek immediate legitimacy by posing as readily identifiable institutions—companies, banks, and government agencies.

In this sense, they can use email addresses, telephone numbers, or websites with elements that allude to the institution; logos, letterheads, signatures, and other factors. However, no institution will request private information in this way.

Scammers Expect the Person to Act Immediately

To be effective, these types of scams require the victim to act immediately. Therefore, the person is under pressure, so they cannot consider whether the conditions presented are suspicious.

It translates into situations of medical urgency, benefits and prizes, medical needs, or penalties usually suggested hurrying the person. However, any request, promotion, or harm has never urgent deadlines.

Scammers Demand A Specific Payment Method

In most cases, online scams seek to obtain personal data or access information to their bank accounts. However, many directly seek the person to make a money transfer. In these cases, the scammer usually demands that the transfer be cause by a specific means.

They have a single payment option for payment operations for services, prizes, benefits, or business relationships. They use false invoices, doctored receipts, or checks with insufficient funds to convince the person to carry out the transaction. However, legitimate businesses always have several payment methods available.

How to Prevent Fraudsters from Accessing your Data and Accounts

Thanks to the indiscriminate development of digital media and online management services, new and better fraud methods are perfect every day. These are usually oriented towards accessing data to online accounts.

Therefore, the main precaution is never to share bank details or personal information. No bank, company, or institution with which we have an account will ask us for this data type.

The following list includes those criteria to protect our account from fraudsters and scams.

Two Factor Authentication

This security measure is essential to reduce the risk of fraud. It is an additional verification instance use to authenticate their identity before accessing an account from another device smartphone, computer, tablet, etc. It’s usually found in your account settings as two-factor authentication.

Do not Provide Personal Data

The need not to provide personal data regarding our accounts cannot be overemphasize. It includes, first of all, username, key or password, token, DNI, etc. Also, this type of information should never be record in conversations via text message, email, or any other means to which a scammer might have access.

Strong Passwords

Most bank management applications and web platforms today request keys and passwords that have different types of characters mixed with numbers and capital letters. It is necessary even if we are not prompt by default. It is also suggest not to use passwords such as birthdays, names, or data related to our identity.

Evaluate Suspicious Messages, Sites, and Emails – Online Account

Although we have mentioned it a lot, this may not be as simple as it seems. Scammers are very resourceful and have many resources at their disposal. Therefore, we must evaluate the authenticity of the mailing address, telephone numbers, and addresses of companies and institutions. The same can be said for suspicious websites and links domains and web addresses can mimic official addresses.

Do Not Use Unknown Devices or Third Party Networks

Finally, third-party equipment and devices should not be use to access our accounts or enter personal or access data. Likewise, it is advisable not to access public Wi-Fi network in areas that are unknown to us. These are familiar sources of fraudulent data collection and can be very risky.

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