In most cases, victims of unauthorized withdrawals had received an unidentified (SMS) Short Messaging System (from fraudster) to inform them that they have won a cash prize. I would believe that most of us would feel excited to receive such an announcement even though it’s fake. Who doesn’t want easy money?
- To claim the promised cash prize, the victim is to open an internet banking account. I can bet, there’s still a lot of people who doesn’t know what is internet banking!
- The victim then contacts the fraudster and the fraudster will provide a step-by-step guide on how to register and activate their internet banking account using the ATM terminal.
- At point of registration at the ATM terminal, the victim will be given an internet banking personal identification number (PIN). The fraudster will ask the victim for this PIN and use it to create an internet banking account for the victim.
- The fraudster will then ask the victim to register the fraudster’s mobile phone number in order to obtain an Authorization Code to enable transfer of funds via internet banking.
This will result in the Authorization Code being sent via SMS directly to the fraudster’s mobile phone. The victim has now unknowingly provided the fraudster with full access to their banking account.
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