No one wants to think that they’re ever going to fall for an online bank fraud scheme, but studies indicate otherwise. According to a study conducted by Intel, “97% of people globally can’t correctly identify a sophisticated phishing email.” This is why Metrobank is working hard to spread awareness on online fraud and provide our clients with tips on recognizing different online bank fraud schemes.
Currently, the most used method to dupe clients remains to be through email, and the reason is simple.
In today’s digital age when many of us are glued to our mobile devices, your email address or mobile number is your ticket to the Internet. While technology does, indeed, make life more convenient, it does come with certain risks, including exposing your contact information. Many do not even think about the apps or websites they authorize to use their data.
However, phishing and spoofing scams are not limited to emails. Scammers can also send an SMS or even call your mobile number directly to get you to divulge your personal information.
This is why it’s important to learn about the different types of online frauds in banking so you can easily spot them.
One of the most prevalent ones these days is the Holiday Shopping Scam and its iterations.
The holiday scam
Many fraudsters will try to take advantage of various holidays to win over their victims. Occasions like Christmas, New Year’s Eve, Chinese New Year, Mother’s Day, and Father’s Day are all popular target dates.
Fraudsters and cybercriminals send clients an email, SMS, or even an online chat saying they’ve been given a “monetary reward” by their bank. In order to claim your “reward,” you must accomplish a series of steps:
1. Click on the attached link
2. Enter the provided promo code
3. Wait 24 hours
The correspondence seems too good to be true… because it is. Clients who fall victim to the holiday greetings scam and click on the link will be diverted to a website that mimics that of Metrobank’s or whichever company’s website the fraudster is trying to impersonate. They will then be asked to log in to their online banking account using their username and password.
Once the fraudsters have your details, they will either use it to log into your online account or to impersonate you and open new ones under your name.
What should you do?
Should you receive any holiday fraud emails:
1. NEVER EVER click on the link. Even if you do not log into your account, the link may have a virus or malware that can be used to scrape your computer or mobile device for passwords or sensitive information.
2. Do not reply to the sender or provide any personal information.
3. Please report the incident by calling Metrobank Contact Center at (02) 88-700-700 and 1-800-1888-5775. Or forward the phishing email to customercare@metrobank.com.ph using “Report on Possible Fraud” as subject.
How to recognize scams
Here are some holiday fraud prevention tips to keep you and your data secure:
- Watch out for emails or SMS that ask for your personal information such as your username, password, account number, card number, CVV code, PIN, or birthday. Metrobank will NOT initiate calls, SMS, emails, or chats to ask for your bank account details.
- Watch out for emails or SMS that have a generic greeting, grammatical errors, or misspelt words.
- Watch out for emails or SMS that promise rewards that are too good to be true.
- Watch out for emails or SMS that link you to another website.
Staying safe online
With so many of our transactions and correspondences being done online, it’s important to take extra precautions to ensure our data and information stays secure.
- Do not post your contact information or personal details on your social media accounts.
- Refrain from clicking on unknown links, especially if they have been shortened.
- Be wary when signing up for things online, especially if it involves giving out your personal information. Only do so if you trust the source.
- Have separate email addresses and passwords for different facets of your life. For instance, have one email address for social media accounts and subscriptions, one for bank accounts and other sensitive information, etc. This way, if the email address you use for your social media account gets hacked or compromised in any way, it won’t compromise the security of your online bank accounts.
Reporting fraud
If you suspect you’ve been a victim of fraud, call us immediately and report the fraud incident to (02) 88-700-700 or 1-800-1888-5775. You can also email us at customercare@metrobank.com.ph using “Report on Possible Fraud” as the subject.
Metrobank reminds its clients not to give their bank account login information, such as username, password, and OTPs, to protect their online bank accounts from theft.
Help us #FightFraud
Metrobank takes fraud seriously. You can be part of the fight. Browse through our articles and learn more about how we can fight fraud together.