AAB organizes a press conference on online fraud attempts
On January 15, 2025 the AAB organized a press conference, to address the increasing number of online fraud attempts that exploit personal and banking data for unauthorized actions online.
How these scams work
According to information from member banks, three main types of fraud targeting cardholders and account holders have been identified:
1. Attractive offers from fake merchants, often using the names of well-known brands to gain the trust of potential victims.
2. Fake merchant websites, appear to offer legitimate products or services.
3. Notifications promising financial benefits, such as free funds for individuals of a certain age to spend at specific merchants, undelivered package alerts requiring online payments, or SMS/iMessage messages about packages allegedly in the recipient’s name with a payment request via fraudulent websites.
These fraud attempts are primarily carried out through SMS, emails, and social media, asking recipients to click on suspicious links. If accessed, these links typically request personal and banking information, such as security codes or PINs, allowing fraudsters to perform unauthorized transactions. Victims may experience both data theft and financial losses, as the transactions are often successfully completed. Unfortunately, there have been reports of a few individuals falling victim to such schemes.
Suggested preventive measures
To protect against these scams, AAB and its member banks recommend the following:
- Delete any suspicious messages or emailsasking you to click on links or call numbers provided in the message.
- Do not engage with or explore such notifications, even if they seem urgent or attractive.
- Do not respond to messagesclaiming to be from financial institutions or merchants asking for account updates or personal information.
- Be aware that banks never request sensitive information, such as card numbers, PINs, security codes, or passwords, via email, SMS, or phone calls. Any such request is likely fraudulent.
- Conduct online payments only on verified websitesand trusted merchants, particularly ones you have used successfully before.
- Immediately notify your bankof any suspicious messages, so they can trace and block the sender.
- If you have completed a transaction as part of a scam, contact your bank immediately to block your card and update security measures for your account.
AAB emphasizes the need for vigilance and encourages all account and cardholders to contact their bank immediately if they suspect fraudulent activity. With increased awareness and prompt action, such fraud attempts can be effectively countered.
