Scams

Most scams ask you for money or your bank account details in return for a lucrative reward which never arrives. They often take the form of a lottery or an ‘official’ letter.

Remember the old saying: “If it seems too good to be true, then it probably is”.

Scams are becoming more elaborate and come in other forms, such as online shopping and mobile phone scams.

Common scams include:

Phishing

"Phishing" is the use of emails and websites that replicate those of well known financial institutions, payment services and other business brands, in order to deceive a recipient into disclosing their personal bank and financial account information. Usually you will receive an email directing you to a website, where you are asked to provide confidential identity and financial information that is used by "phishers" for theft and fraud.

Advance fee fraud

Also known as 'Nigerian Scam', given its place of origin these emails now come from many parts of the world. Contact will originate from parties claiming to be government officials or even charitable organisations. You receive a letter, email or fax promising a monetary reward asking for assistance in transferring money out of their country. The catch is you will be asked for your bank account to transfer your 'reward' (which never arrives) and asked to pay certain ‘advance’ fees to facilitate the transfer.

The 'proposal' will state that they want to transfer money out of their country, promising in return a monetary reward for your assistance. The catch is they will need your bank account details to transfer your 'reward'. Once you have provided your personal banking details, they will then proceed to ask you to pay certain ‘advance fees’ in order to facilitate the transfer. The 'fees', which you pay, is the scam.

False job advertisements

A recently emerging scam involves fraudsters advertising in emails or on internet sites asking for people to receive money in and out of their financial accounts (i.e. money laundering).

Spyware and viruses

A virus is a computer program (normally disguised as something else) which is designed to cause damage or disruption to your computer or files. Spyware is a computer program, which is generally installed without the owner's knowledge for the purpose of collecting information (such as your login details and passwords) and sending it back to another party.

Always be conscious of websites you’re visiting or links in emails (fake or not). Links can sometimes take you to sites contain viruses or spyware aiming to install malicious software on your computer. Some spyware attempts to capture your passwords by recording your keystrokes, allowing the fraudster to access your private information or credit accounts.