The most popular types of fraud: how to recognize and protect yourself?

2024-03-03

The results of a study organized by the Bank of Lithuania showed that in the last three years, almost 39% of the country’s population encountered financial fraud.

In order to ensure that customers remain vigilant and do not fall into the traps of fraudsters, Mano bank encourages interest in possible fraud methods.

 

  • E-mail fraud by mail or SMS:

Although “phishing” itself, when a false message is received by e-mail or SMS (smishing) from a service provider pretending to be a fraudster, has been known for a long time, but fraud techniques are becoming more and more sophisticated and it is becoming more difficult to recognize fraud.

Modern technologies allow you to specify the desired name of the sender (eg. Bank, State Tax Inspectorate (VMI) or “Sodra”), so it is quite difficult to understand that the message is false.

In most cases, the notice is about debts, a fine, a package received, or the closing of an account. The recipient is encouraged to take action as soon as possible, i.e. by clicking the link to connect to their personal account, and then all their data can be taken over by the fraudster.

How to protect yourself?

The most reliable way to protect yourself is not to click on the links sent, but to enter the address of the required website yourself and check the received information.

 

  • Investment fraud:

In order to gain confidence, investment scams often do not offer to invest very large sums at once. After some time they report that your investment has paid off handsomely. Perhaps even a part of the “earned” money – as a proof that everything is done transparently – is transferred to your account. Such behavior encourages the transfer of a larger amount, and perhaps even periodic transfers.

How to protect yourself?

Before starting to invest, it is necessary to check whether the company proposing to do so has a permit to engage in this activity and is not included in the list of entities providing illegal financial services (you can check this on the website of the Bank of Lithuania here). Also, it is important to ask about all the conditions related to the investment from the beginning.

 

  • Fraud by pretending to be a manager:

Scammers can send e-mails letters pretending to be the head of the company (CEO scam), e.g. CEO or CFO and request an urgent payment.

How to protect yourself?

It is important to strictly follow the payment and purchase security procedures that are adopted by your company. Do not give in to the pressure, the call to act as soon as possible. Check email carefully. email addresses and do not open suspicious links or email attachments.

It is necessary to inform the Information Technology (IT) department of your workplace about a suspicious letter or call.

 

  • Fraud on websites:

In the online space, you can find a product for sale at an attractive price. After contacting the seller, he sends his details and you make the payment. But you never receive your purchase, and you can’t find your seller account because it’s been deleted.

How to protect yourself?

Before buying a product, check reviews about the seller, view his profile on social networks. Fraudulent accounts are often created a few days ago and have little or no records.

 

  • Fraud when contacting to pick up a package:

An SMS message is received inviting the postman to pick up the parcel. The message is no different from those normally sent by parcel services. After going to the post office and entering the package number, you are asked to pay.

The amount is often not large, but after paying it, you get an empty box. Since the person pays himself, it is difficult to prove that the package received was empty, so it is not easy to get the money back. In this case, you should contact the police.

How to protect yourself?

If you are waiting for a package, check the package number, the name of the postal service through which it was sent, and the address of the post office. If you did not expect the package, use the package number to see who the sender is. If this is not possible, do not pay for unexpected shipments.

 

Memo:

  1. Never share your bank login and other personal data with anyone.
  2. If you feel that you have fallen into the traps of scammers, stop all communication with suspicious persons.
  3. Contact your payment service provider and the Lithuanian police.
  4. If it is an investment fraud, inform the Bank of Lithuania by e-mail. by mail prieziura@lb.lt
  5. Be vigilant. Before buying, investing or transferring funds, learn as much as possible about the company or person.