Types of Fraud

Understanding Identity Theft

About identity theft

Identity theft occurs when someone steals your personal information and uses it to open new accounts or initiate transactions in your name. If you believe you are a victim of identity theft, report it immediately to your Branch Sales Officer or the nearest police station in your area.

How identity thieves use your personal information?

• They can call your credit card issuer pretending to be you and ask to change the mailing address on your credit card account. The impostor then runs up charges on your account, because the statements are sent to the "new address" it may take some time to realise that there is a problem.
• They can forge counterfeit cheques or create fake debit cards to drain your bank account

Phishing

This is the practice of sending emails to mislead the recipients into disclosing personal information like credit card numbers, personal identification numbers (PINS), passwords or account data, usually by directing the recipient to a fake website.
These emails, which often contain official logos, urge persons to update their information, by clicking on a link in the email which takes them to a bogus website, where the entered information is captured.

Email Fraud

In today's technological environment, email has become the preferred method of communication. Career fraudsters can use modern technology to illegally access your email/s. Once they gain access to your email, they can impersonate you, and issue instructions to your bank for large withdrawals.

Fraudsters can also devise ingenious schemes:-

• Be wary of email/s promising vast sums of money or suggesting that you’ve won a wonderful prize for which you must provide money to redeem
• Before you entertain these unsolicited emails consider; if something seems too good to be true, it probably is a scam
• Your bank will never ask you to reveal your account number, username or password via telephone. If necessary, they would ask you to visit the branch. Be vigilant. Be cautious. Be aware.

Card Skimming

Skimming involves the use of a card reading device that copies the account information from your debit card/credit card when swiped. These devices are very small and can be easily carried around. Once perpetrators have acquired this information, they can create a clone of your debit card/credit card to withdraw large amounts of money from your account unknowingly to you.

Tips to protect yourself from "Card Skimming"

• Never let your card out of your sight.
• Always ask for a mobile machine so that transactions can be done in front of you.
• During these transactions, always use your hands to cover your PIN.
• If a mobile machine is unavailable, accompany the service attendant (host or hostess) to the cashier.
• Do not give your PIN or card to anyone.
• If possible, let the retailer enter the sale amount and swipe your card yourself during transactions.

ATM/ Point of Sale (POS) Shoulder Surfing

Shoulder Surfing

Shoulder Surfing involves a fraudster looking over your shoulders to observe you enter your PIN to conduct a transaction. Once your PIN has been compromised, your investments are no longer safe.

Card Swapping

In instances where PINS have been acquired, perpetrators usually try to swap your card, so that they can access your money immediately. Distractions are ways used to swap your card. Once they are armed with your pin and your card, your account can be compromised.

Credit Card and Debit Card Theft

Cases of Credit Card and debit card fraud have increased significantly in Trinidad and Tobago and investigations have shown that this is mostly due to the negligence of customers, who fail to take simple precautionary steps while conducting transactions.

Here are some tips to always keep in mind when using your credit and debit cards.

• Always ask the retailer to confirm the amount being debited from your card.
• Consider changing your PIN to something that is easy for you to remember. Also, consider changing it from time to time.
• Always keep your valid and failed receipts, until your account has been reconciled. If you must discard them, either tear or shred them into several pieces.
• NEVER write down or disclose your pin to anyone, even if they claim to be from your banking institution.
• DON'T keep your cheque books with your cards.
• Sign new cards as they arrive.
• Be careful when giving your account numbers, never give this information over the phone unless you have initiated the call.
• Do not leave your cards unattended whether in a public place, in your vehicle, in your pocket or in your bag.

Romance Fraud/Scam

A romance fraud/scam is a confidence trick involving fake romantic intentions towards a victim, gaining their affection, and then using that goodwill to get the victim to send money to the fraudster under false pretenses or to commit fraud against the victim.

Tips to protect yourself from Romance Fraud/Scam

• Be careful what you post and make public online. Fraudsters/ Scammers can use details shared on social media and dating sites to better understand and target you.
• Research the person’s photo and profile using online searches to see if the image, name, or details have been used elsewhere.
• Go slowly and ask lots of questions.
• Beware if the individual seems too perfect or quickly asks you to leave a dating service or social media site to communicate directly, e.g., WhatsApp.
• Beware if the individual attempts to request financial/personal information.
• Beware if the individual promises to meet in person, but then always comes up with an excuse why he or she can’t. If you haven’t met the person after a few months, for whatever reason, you have good reason to be suspicious.
• Never send money to anyone you have only communicated with online or by phone.
• If it’s too good to be true, it’s usually a scam.
• Be careful when providing your account information to individuals, as it may be used to facilitate a Romance Scam.

Work from Home Scam (Mystery Shopper)

The younger population is normally the target of this scheme. It involves a fraudster employing your services to conduct supermarket or other surveys and making payment to you by way of a fraudulent cheque He then asks you to cash the cheque and take a percentage before transferring the balance to someone else. Beware of these get rich quick schemes. While you are focused on earning an honest dollar, career fraudsters are busy devising schemes to deprive you of your hard earned money.

You can never be too careful as fraudsters are always changing and adapting their techniques. However, with the above-mentioned safeguards in mind, you can do a lot in the fight against this type of fraud.

Together, we have he power to make a difference; to make a dent in this criminal offence by being armed with the necessary tools to protect yourself and your investments.

Call Republic Bank's Call Centre at (868) 623-4RBL (4725) email: internetbanking@rfhl.com