Fraud Awareness

To report fraud: [email protected]

 

Introduction:

Fraud involves deceptive activities designed to steal money or personal information, and it continues to evolve in increasingly sophisticated ways. Protecting your finances starts with understanding common and recent fraud schemes. At D360, we are committed to protecting our customers and helping you safeguard your finances by following the below tips to stay alert and keep your personal and banking information secure. 

Fraud Schemes Types: 

1-Prize Scams:

The scam involves use of phone calls, SMS, pictures, or e-mails to trick individuals into sharing their confidential banking information. Prize Scams are frauds designed to acquire your personal and banking information through Telephone or Social Media Apps such as (WhatsApp, Facebook, Twitter, Instagram, etc.). Fraudsters constantly come-up with new ways to prey on potential victims. More people are falling victim to such "Prize Scams" these days in Saudi Arabia.

Here is how it works:

  • Fraudsters contact victims through telephone calls, SMS, WhatsApp messages informing them that they have won a monetary and non-monetary prize and request them to share confidential banking details to transfer the prize money.
  • The callers claim to be authorized representatives from the Bank or other well-known organizations such as (STC, Mobily, etc.).
  • Once the victim shares his/her details like (the ones mentioned above), the fraudster either transfers the money through victim’s account or performs a transaction using the details.

How you can protect yourself?

  • Never share confidential information like account or Card Details, Internet / Mobile Banking Passwords, ATM PINs, CVVs (3-digit security code behind your card) or OTPs with anyone over the phone, WhatsApp, or other social media channels.
  • Never share confidential information like bank account details such as (online/mobile banking passwords, OTP), or card details such as (ATM card PIN, CVVs (3-digit security code located on the back of your debit/credit card), with anyone over the phone, WhatsApp, or any social media channels. 
  • Do not share copies of your national ID, Passport, etc. with others on WhatsApp or other social media apps.
  • Avoid entertaining calls from unknown sources claiming "You are a Winner". In most of the instances, the fraudsters are not familiar with your personal details and do not address you with your names during the call.
  • Verify the authenticity of such calls by calling D360 Bank directly. Do not use the contact details provided in the message sent to you.
  • Always ensure that your contact details are updated with the bank.

2-Phishing:

Phishing is a scam where hackers attempt to acquire your personal and banking information by sending genuine-looking hoax emails from financial institutions or other authorities. Hoax emails would look legitimate and would ask you to provide sensitive information (such as user IDs, passwords, PINs, card details, account numbers, etc.) by providing a link leading to a fake website which helps the criminals to part away with your details which later are used for fraudulent purposes. Similar scams using SMS text messages are called Smishing and through phone calls (mostly VOIP) are called Vishing. 

How to minimize your chances of being a victim:

  • Do not open or click on Links received through emails / SMS / social media / WhatsApp asking you to enter your details.
  • Do not respond to unsolicited emails or SMSs.
  • Never share your personal or account/card related information with anyone claiming to be calling you from the bank or other authorities.
  • Always read messages carefully and check the source of message.
  • Check if the website which links routes to a https: website / secured website.
  • Remember, The D360 Bank would never ask customers to provide personal details by clicking links in SMSs / text messages sent
  • If you receive any suspicious email, please report it on our 24-hour Call center at 8001244410

 

3- Business Email Compromise:

Business email compromise (BEC) is one of the most financially damaging online crimes. It exploits the fact that so many of us rely on email to conduct business—both personal and professional. It is also known as Email Account Compromise (EAC). In this scam, fraudsters send an email message to companies that appears to come from a known source (Vendor / supplier) making a legitimate request to change bank account details to transfer regular / future payments.

This is how fraudsters carry out BEC scam:

  • Spoof an email account or website. Slight variations on legitimate addresses ([email protected] vs. [email protected]) fool victims into thinking fake accounts are authentic.
  • Send a spear-phishing emails. These messages look like they are from a trusted sender to trick victims into revealing confidential information that let criminals access company accounts and other details needed to carry out the BEC fraud.
  • Use malwares /viruses. Malicious software can infiltrate company networks and gain access to legitimate email threads about billing and invoices. That information is used to send messages so accountants or financial officers do not question payment requests.
  • False Invoice Scheme: Attackers commonly target foreign suppliers through this tactic. The scammer acts as if they are the supplier and request fund transfers to fraudulent accounts.

How to protect yourself:

  • Be careful with what information you share online or on social media.
  • Do not click on anything in an unsolicited email or text message asking you to update or verify account information.
  • Carefully examine the email address, URL, and spelling used in any correspondence.
  • Be careful what you download. Never open an email attachment from someone you do not know.
  • Callback to verify payment and purchase details requests in person, if possible, to make sure it is legitimate.
  • Be especially wary if the requestor is pressing you to act quickly.

4- SIM Swap

Digital or mobile banking has made banking experience convenient from anywhere and has become increasingly popular. As the adoption of mobile banking services increases, criminals try to misuse these services:

  • Fraud occurs when fraudsters contact your mobile service provider and request for a replacement SIM (SIM Swap) usually by impersonation. 
  • Using your replaced SIM card, they can call your bank and obtain access to your bank account. 
  • Fraudsters can create beneficiaries and fraudulently transfer funds from your account.

Tips to prevent SIM Swap Fraud:

  • Contact your mobile service provider immediately if your mobile phone loses network connectivity unexpectedly.
  • Contact your mobile service provider immediately If you have not received calls or SMS notifications for some time. 
  • Contact your mobile service provider immediately if you receive “SIM not registered” or “SIM Replacement” notification on your mobile phone.
  • Keep track of your online banking transactions and bank statements, in case of discrepancies or irregularities contact your bank.
  • Register for SMS and email alerts to get notifications of any activity in your bank account.

5- Identity Theft

Identity theft is a crime when someone illegally obtains your confidential information to assume your identity and take control of your accounts. Fraudsters can mislead banks into approving finance facilities in your name without your knowledge. your information can be stolen in many ways such as theft of your wallet, bank & utilities statements, mailers, phishing, computer intrusion, data breach, social networks, telephone, or internet scams, etc.

How to prevent being a victim:

  • Do not share your personal or financial information to third parties.
  • Request banks to email your statements, preferably password-protected.
  • Protect your PINs & Passwords and do not disclose to anyone.
  • Ensure safekeeping of documents and information including your bank & utilities statements, mailers, etc. Shred all documents containing personal information, which are not required.
  • Do not disclose your personal information through emails or Internet.
  • Protect your computer and devices with Antivirus software and firewall.
  • Cancel unused or dormant accounts that you may have.
  • Use different passwords for different accounts, and memorize them (avoid writing them down).

6- Advance Fee Fraud

Advance fee fraud is a fraud type wherein fraudsters target victims and convince them to make advance or upfront payments for goods, services and/or financial gains that do not materialize. One of the advance fee scams that is at a rise these days is, Fake Job Scams.

How does this fraud work:

  • Fraudsters scan through the internet network and social media for job seekers.
  • The fraudsters contact job seekers through emails or calls informing them about fake job offers.
  • The criminals ask for candidate’s documents and application as part of the process.
  • Interview calls are conducted & Job Offers are shared as if it is a normal hiring process.
  • After sometime, the criminals contact the victim to pay some fees to finish Visa / application processing.
  • Upon making the payment, the fraudsters disappear and look for other victims.

How can you avoid becoming a victim to Fake Job Scams:

  • Never deal with unknown entities claiming to be recruiters.
  • In case you receive a job offer, request for office location details and social media addresses as they mostly claim to offer you jobs from outside the country.
  • In case of doubt, contact the entity they claim to be hiring for.
  • Never pay any fees requested by these parties.

7- Fake Shipment Fraud

These days courier / delivery frauds are on a rise. Do not worry, read the below text to understand how this type of fraud operates step-by-step and our tips to safeguard yourself from being a victim:

  • Step 1: Fraudster sends a phishing email, smishing SMS, or via WhatsApp with a link that seems to be coming from a courier company claiming to deliver your shipment

Tip:

  1. Never click on Links on emails,  SMS,  social media, WhatsApp without confirming purpose of the email message
  2. Reconfirm if you or your family members are expecting deliveries.
  3. Always read messages carefully and check the source of message
  • Step 2: Upon clicking the link, a page opens wherein you are required to enter your card details and an OTP is sent to your mobile

Tip:

  1. Check if the website which links routes to a https: website / secured website.
  2. Call the courier company to confirm authenticity
  • Step 3: Upon submitting your details, an OTP is sent to your registered mobile number

Tip:

  1. Always read your OTP messages carefully
  • Step 4: Upon entering the OTP, either your Apple Pay / Samsung wallet is taken over OR it is used to make an online purchase.

To enhance your protection against fraud, visit our Security Awareness page (click here) to learn about online security, passwords, social engineering, MFA, social media safety and more.