An email scam is a type of scam more widely known as ‘phishing‘. An email scam involves a fraudster randomly sending forged emails purportedly from financial institutions or publicly known organisations to lure victims into revealing their internet banking login credentials, email credentials, credit card numbers, bank account numbers and/or passwords which are then used to perform transactions not authorised by the victims.
These emails are designed to appear legitimate to gain the trust of the recipient. Thecontent of the email typically attempts to inflict a sense of urgency and panic in order to trick customers into revealing confidential information on a fake website/popup.
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In such cases, the fraudster usually attempts to obtain sensitive information over a voice call. The fraudster normally tries to gain the victim’s trust by impersonating a credible individual such as a banking authority or a police investigation officer. Victims may not verify the received calls purportedly made by such persons thinking that the calls are from regulators so called, to avoid embarrassment or as a result of “warnings” given by the “officer.
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A SMS scam usually involves SMS-es initiated by a fraudster to trick victims into believing that they have won a contest/reward and which attempt to lead them into compromising their banking information and/or create an internet banking facility without the victim even realising it.
This type of scam may also involve ‘identity theft’ since an unauthorised person usually pretends to be a valid account holder and accesses the customer’s account (usually through the internet), unbeknown to the account holder.
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