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Financial scams involving improper transactions are among the most common scams used by fraudsters. Frauds of this type often take advantage of the victim’s naivety to gain access to their bank accounts. This is, in fact, the case of the “fake transaction scam”.
Recently, the Santander, a traditional banking institution popular in Brazil, published an important information on its official website about this type of fraudulent scheme. In addition, the bank highlighted how to recognize it, allowing citizens to identify the scam and protect themselves.
How the fake transaction scam works
This scam begins when the consumer receives a phone call from a supposedly legitimate financial institution. The approach, however, varies: sometimes the scammer claims that they need to confirm their registration details; in other cases, they may claim that they want to confirm security.
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Regardless of the excuse used, the criminal's goal is to access your bank account. During the alleged operation, he will ask for personal information, including even your password. This will give the criminals access to your account.
Attention: tips to avoid falling for fraud
First of all, it is important to point out that asking for your password is not a standard procedure for a legitimate company or financial institution. Furthermore, as Santander explains, the bank “does not contact you to confirm transactions, request cancellations” or other actions related to the account.
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If you want to confirm alleged transactions, you can do so through the bank's app or through self-service at a branch. You can also contact your manager or look for an official number for the institution.
In general, be wary of phone calls, SMS and WhatsApp messages, and emails. These channels are often used by scammers to trick their victims. Check if the sender is official.
Image: Freepik
