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Nowadays, practically all banking can be done online. Why not? Accessing it is quicker, simpler, and faster. Unfortunately, there is a large risk linked to internet banking which is online scamming. With the ever-growing popularity of online banking, the risk of falling victim to online scams has also increased. Scammers have become more sophisticated in their tactics, making it essential for users to be aware of potential tricks and take proactive measures to protect their sensitive data. This article discusses the surge in online banking scams, common techniques employed by scammers, and effective strategies to avoid falling prey to such scams and safeguard your personal information.

The perpetrators frequently call victims while posing as telecom workers who wish to upgrade customers’ sim cards for greater functionality. They lure individuals into disclosing their credentials during this process, which allows hackers to break into the internet banking system later on.

These are fraudsters with expertise in banking and computer systems. Sadly, so many Ugandans fall for their lies and provide them with all the information they need. They fabricate stories that they are working with the telecommunication company.

Some of the victims of these scams claim they never signed up for any online banking services, but the same platforms were used to withdraw their money. However, the police claim that fraudsters control phones using the information they obtain.

If the owner of the phone is not registered, they can still access other services, such as signing up for online banking. Sometimes they steal the phone and work the system until they can take money out of the account owner.

The most common types of scams will target you through fake emails, text messages, voice calls, letters.

When contacted unexpectedly by phone, email, text, direct message or pop-up with a request for personal information or money. Never click a link or download an attachment from someone you don’t know. Banks will never text, email or call you asking for personal or account information.

They can pressure you to act immediately with an alarming phone call, email or text that plays with your emotions. Scammers may pose as an employee from a familiar organization, such as Equity Bank and say there’s a problem that needs immediate attention. Do not act unless you have verified the person who has contacted you and the story or request is legitimate.

When asked to provide personal or account information, such as an account verification code, bank account number or PIN. When in doubt, don’t give it out. Banks never text, email or call you asking for an account authorization code.

They sometimes offer a free product or ‘get rich quick’ opportunity that seems too good to be true? If something sounds too good to be true, it probably is. Never cash a check for someone you don’t know.

Scammers use different tactics to get victims to fall for their schemes. In some cases, they can be friendly, sympathetic and seem willing to help. In others, they use fear tactics to persuade a victim.

Protecting yourself from online banking scams is crucial in order to safeguard your financial information and prevent unauthorized access to your accounts. Here are some important steps you can take:

Keep your devices secure:

• Use strong, unique passwords for your devices, online banking accounts, and email.
• Enable two-factor authentication (2FA) for additional security.
• Regularly update your devices and applications to patch any security vulnerabilities.

Be cautious with your personal information:

• Avoid sharing sensitive information, such as account numbers or passwords, via email or other insecure channels.
• Be sceptical of unsolicited emails, phone calls, or messages asking for personal information. Legitimate organizations will not ask for such details via these means.

Verify the legitimacy of websites and apps:

• Ensure you are accessing your online banking through legitimate websites or official banking apps.
• Check for secure connections by looking for “https://” in the website URL and a padlock icon in the address bar.

Be cautious of phishing attempts:

• Be wary of emails or messages that appear to be from your bank or financial institution but contain suspicious links or attachments.
• Avoid clicking on links or downloading attachments from unknown sources.
• Verify the authenticity of any communication by contacting your bank directly through their official website or known contact information.

Use secure networks:

• Avoid conducting online banking transactions on public Wi-Fi networks or unsecured networks.
• Use a virtual private network (VPN) when accessing your online banking accounts from public or untrusted networks.

Regularly monitor your accounts:

• Review your bank statements and transaction history regularly for any unauthorized activity.
• Set up transaction alerts or notifications to stay informed about any unusual activity on your accounts.

Install and update security software:

• Use reputable antivirus and anti-malware software on your devices.
• Keep your security software up to date to protect against the latest threats.

Educate yourself about common scams:

• Stay informed about common online banking scams, such as phishing, identity theft, and malware attacks.
• Be cautious and sceptical of any offers that seem too good to be true or require immediate action.

Remember, maintaining a proactive and cautious approach is essential when it comes to protecting yourself from online banking scams. If you ever suspect any fraudulent activity or compromise, contact your bank or financial institution immediately.