Fraud occurs when there is a criminal intention to deceive someone or an entity to gain something of value, such as money, power, authority and materials.
Anyone is a potential target and scammers love to prey on those who are ignorant, gullible or greedy.
Skimming is an electronic method of capturing a victim's personal information used by identity thieves. It is a small device that scans a debit card and stores the information contained in the magnetic strip. The stolen data stored in the magnetic strip of a cloned card may later be used to effect transactions.
Skimming can take place during a legitimate transaction at a merchant and can occur easily in a restaurant if your card is taken away while the bill is being settled.
E.g.: If your waiter/waitress is a skimming identity thief,
A scammer contacts the victim on a pretext of being a Bank officer checking on a default payment and usually attempts to trick you into giving out personal information such as your bank account numbers, passwords and debit card numbers. Most victims unknowingly assume that the calls are from regulators and respond to avoid embarrassment or as a result of supposed warnings given by the "officer".
Also known as 'phishing', its purpose is for personal gain or to damage another individual through email. Phishing scams are typically fraudulent email messages appearing to come from legitimate enterprises, usually directing you to a spoofed website or otherwise get you to divulge private information. The content of the email typically attempts to inflict a sense of urgency and panic in order to trick customers into revealing confidential information on a fake website/popup.
An SMS scam usually involves phone messages initiated by a scammer to trick victims into believing that they have won a contest/reward to lead them into compromising their banking information and/or create an internet banking facility without the victim even realising it.
Keep yourself secured from fraud by following the tips below: