The banking industry has been experiencing an increase in phishing attacks where fraudsters send a variety of emails that look as if they come from Your Bank or other financial institutions and ask clients to click on a link and insert their personal details.
The fraudsters often try to trick you into clicking on a link by sending a fake bank statement, asking you to click on a link to upgrade to the new ‘Your Bank Money’ platform to avoid your account from being suspended, or by sending false payment alerts asking you to click on a link to cancel the fake payment. In some instances they even ask you to accept an fake message, hoping that you won’t read it properly and notice that they are moving funds out of your account.
When you click on the link in the email, it directs you to a legitimate-looking website. When you enter your personal details, account details, PIN and password, Your Bank ID and password on the fake website, the information is forwarded to the fraudsters, who are then able to access your bank account, allowing them to transfer funds from your account into specially opened bank accounts. These accounts are then cleared of the transferred funds within minutes.
It’s tax season now, so be on the lookout for fraudsters sending phishing emails to try to get you to compromise your banking login information.
Tips on how to stay safe
· Scrutinise your bank statements frequently and notify Your Bank as soon as possible if you see any unfamiliar transactions.