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All it takes is an Email to ‘Clean Up’ your bank account: Don’t be fooled

The email scam has been around for some time but has seen a surge in recent months due to more internet and mobile banking uptake

The email scam has been around for some time but has seen a surge in recent months due to more internet and mobile banking uptake. The scam entails an email with a subject line: “Please clean up your bank account” or “Your bank account is being blocked.”

The body of the email lists all accounts held by the recipient and states that they must update their information before a certain date, or it will be closed permanently. The scammers ask for full details about your bank accounts, including personal information, credit card numbers and etc.

They will only trick you into giving out personal details so they can steal from you.

How They Execute the Scam

The scam can start with an unsolicited email. You get an email from a supposed business or government organization asking for your personal information. It might offer to sell you something that sounds legitimate, or it can pose as your bank and claim there has been suspicious activity in your account or that it needs to be “cleaned” before you can use it again.

You click on one of these links, perhaps thinking they’re part of the company’s official website. When you enter your information and submit a form, what happens next is something very different than expected: Your bank account gets hacked and emptied.

The scammer claims to be from a bank’s ‘fraud department’ and gains the victims’ trust by giving their account’s first four and last four digits. The fraudster says they need to confirm your details are up-to-date, asks you to send in some personal information urgently to update the account, and then asks for your credit card details or PIN to access it.

They may also ask you for a code if an SMS is sent to their phones. They may also ask you to transfer money into another account as an extra security measure before accessing your bank account.

The email aims to make the recipient feel like it’s from their real bank and won’t ask for any confidential information upfront. Many people will follow their instructions without thinking about whether it’s genuine.

When asked for a PIN, the criminal will provide it because they access the victim’s bank account. The criminals use a combination of phishing emails or cold calls to trick you into giving them access to your bank accounts. Once the fraudster obtains this information, they will use it to steal your money. The process can happen fast, and it takes a few minutes for your money to be gone forever.

You may receive an email claiming to come from a trusted source such as your ISP or bank, asking for log-in details or bank account information. Do not respond to such mails. It is likely a phishing scam, and if you respond, the fraudster could steal your money or personal details.

How Can You Protect Yourself

Fortunately, you can protect yourself from becoming one of those victims by following these steps:

One of the ways scammers obtain your bank details and other information is through public WiFi. Keeping your information secure on public WiFi hotspots is crucial as your data can disappear fast. Using a Windows VPN allows you to encrypt your data and protect yourself from hackers by hiding your IP address. With a VPN, you will protect your data from hackers, but it’ll also be safe from theft if someone else uses the same public WiFi hotspot. It’s easy to install and ensures no one gets into your computer without your permission. Plus, it will keep any sensitive data on your device safe from hackers who might try to steal it.

Don’t reply if you don’t know who sent it. If you don’t recognize the sender’s name or email address, don’t respond without doing some research first, even if they say they won an award or something similar. You could also look at the sender’s previous emails or check their website/social media pages to see if they’re legitimate.

Don’t click on anything unless you know where it came from. If you doubt whether it is real, confirm with a bank official instead of clicking on the link.

Get a credit card with fraud protection benefits, as it will help protect you if someone steals your card number or makes unauthorized purchases. Most credit cards have an insurance policy that covers fraudulent purchases made with their cards.

Conclusion

If it smells and feels like a scam, it probably is one. If you’re suspicious about an email, don’t click any links or open attachments. Contact the bank immediately if you notice you have been scammed and want to report it.

Always check the URL when you are visiting a website. It should start with HTTPS:// instead of HTTP://. Don’t share personal information online unless you’re sure it’s safe to do.

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