Are you on the edge of your seat, worried about protecting your finances in the face of the increase in computer financial fraud? We understand you. But what would happen if I told you that at Banco Alemán ProCredit we have the key to help you be prepared and act with confidence in the face of any threat? In this article, we will reveal valuable and strategic information to detect fraud and protect your accounts, as well as answers to frequently asked questions that you should know. Are you ready to discover how to protect your financial future? Keep reading!
Are you looking for information about financial fraud and how to protect your accounts in 2023? Are you worried about knowing how to act in the face of this fraud? Do not care anymore. In this article, we will provide you with valuable information that will help you clear up the most frequent doubts: how to protect accounts, how to detect that it is a fraud and among other more relevant points that are necessary to know.
Digital financial fraud is defined as a type of deception or scam that is carried out through digital devices commonly connected to the Internet. In fact, this criminal activity is one of the main ones in the world, which currently affects thousands of people, causing losses to people and companies alike.
Christian Fuertes Head of Information Security and Continuity at Banco ProCredit, explains that "The perpetrators of these crimes, known as cybercriminals, seek to take advantage of the ignorance or carelessness of users when using financial services, representing a real threat to the security of clients of banking institutions."
To contribute to a better understanding of the subject, regarding the International Safe Internet Day, which is commemorated in the month of February, the representative of Banco ProCredit presents below a guide on digital financial fraud, including the main signs of that you are a victim of cybercriminals.
About digital financial frauds in Ecuador
- The Association of Banks of Ecuador has indicated that Ecuadorian banking has been one of the sectors with the highest growth in digitization. In fact, close to 90% of banking services in Ecuador are available through digital channels, such as web pages, mobile applications, virtual assistants (such as chatbots), contactless payment systems, access tokens, double verification systems, etc. "wearables", among others.
- On the other hand, figures revealed by the National Police show that cybercrime and fraud in Ecuador have been increasing since the Covid-19 pandemic, mainly due to the acceleration of digital transformation. At the end of 2022, its Cybercrime Unit received 1.400 complaints for this type of fraud, with fraudulent appropriation by electronic devices being the most common crime among those reported. Likewise, the institution reveals that one of the most used mechanisms is 'phishing', which consists of tricking people into sharing personal information such as passwords and credit card numbers.
On the signs that you are a victim of digital financial fraud
- Suspicious emails. Sometimes financial institutions send emails to their customers to inform, grant temporary access codes for certain transactions, among other things. "However, if you are not the only recipient on the distribution list, it is preferable to contact your bank to make sure that this email is true", recommends the Banco ProCredit specialist. It adds that banks never request account or card information in this way, unless the client himself has initiated a process in which he authorizes the use of his data for the required purposes, so "(...) If you receive an email with a requirement of this type, it is best to verify its origin with the bank"he warns. Additionally, it is advisable to check that the emails do not have spelling, grammatical or punctuation errors, since financial institutions review the wording in detail; that is to say that these errors can be indicators of a scam.
- Suspicious calls and/or messages. Frequently, users receive phone calls, SMS and/or WhatsApp messages from those who appear to be representatives of the bank, and who without any explanation request confirmation of personal data and/or their accounts. Christian Fuertes Head of Information Security and Continuity points out that “Most likely, this is related to fraud, so we suggest hanging up immediately and immediately verifying your account statement, as well as the movements made with the card, through the bank's website or the mobile App. In addition, if you doubt the veracity of a call or message received, you should contact your financial institution and report what happened, giving the phone number of the person who contacted you."
- Requests from unknown profiles on social networks. In networks such as Facebook, Twitter and Instagram, false profiles can be generated that send deceptive content in private messages, requesting confidential information, such as credit card numbers, identity card, account password on the bank's web platform, or even the card security code (known as CVV). "In general, the way to trick customers involves announcing a big raffle for which they must register with their data, but they also often simulate an account unlock or data update, for no apparent reason, so we must be alert and Don't fall for these types of scams., indicates the executive of Banco ProCredit.
About the precautions to take
- Of the generation and use of passwords. The main recommendation is to use a password of at least 8 characters, combining upper and lower case letters, numbers and special characters. "This password must be changed periodically, at least every 3 months"advises the expert. On the other hand, the same password should not be used for other services or applications, as this increases the risk of being discovered by cybercriminals. Also, when creating the password, it is better not to write it down, but to save it in a password vault that can be downloaded to smartphones. “If you need to share a password, please do not send it over messaging apps, and as an additional recommendation, once you have shared it, it is essential to change it immediately”, points out Christian Fuertes Head of Information Security and Continuity.
- Device security. Under no circumstances should a user leave their access credentials stored on a computer, because if so, they will be available in the event of an unauthorized entry to it, exposing all the client's financial information. “It is important to note that while all devices, to the extent that they are used correctly, are safe for digital transactions, it is important to apply available security updates, and avoid installing applications and access to potentially dangerous pages”, says the representative of Banco ProCredit.
- From browsers and links. Regarding the browser to use (Chrome, Firefox, Safari, etc.), from a security point of view, any of them, as long as it is updated and has a diligent user attitude, guarantees almost 100% security. transaction security. “What people should avoid is following links sent by email or downloading mobile applications from the bank of unofficial stores; In addition, to enter the website, it is recommended to type the bank's page directly in the search bar”warns Christian
- Other considerations. In general terms, a diligent and cautious attitude is essential with the use of user authentication information, as well as the continuous verification of account statements and their movements. Likewise, it is suggested to implement two-step authentication, which provides another measure of security against any attempt by a criminal to enter the account. "When making purchases online, verify that it is a secure site, noting that they begin with 'https', as these portals take additional measures to help protect your information", explains the Banco ProCredit specialist. Finally, he advises hiding the keypad with your hand before typing your ATM password, especially if other people are around, and checking that there are no foreign objects installed in the ATM card entry slot or near the keypad.
On the steps to follow if you are a victim of digital financial fraud
- Report the situation to the financial institution. "During this procedure, the products or services that are being fraudulent will be blocked, after notifying your advisor or account executive about the situation via email or, preferably, by phone call"Christian explains
- Change the email password. The vast majority of digital financial fraud begins with the violation of the customer's personal email, for this reason it is recommended that the victim immediately change the access codes to their email where they receive notifications of bank transactions or confirmation codes.
- File a complaint. If warranted, the client can submit a formal complaint to the relevant control entity, so that investigations can be initiated.
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