By Timothy Kiptoo
Digital banking is convenient; meanwhile, classy fraud poses a threat to online banking. One of the latest scams uses reverse psychology tactics to lure individuals who are skeptical about data theft into giving away their credit card details.
Sarah once experienced this type of fraud. She bumped into a social media post that claimed to be offering a complimentary "security check" to determine whether her debit card information had been compromised in a previous data breach or not.
The post included an image of a form asking for her card number and CVV (Card Verification Value, a three- or four-digit security code on credit and debit cards). It also included a number which she could call to be guided through the “security check” process.
Sarah immediately recalled how her bank had warned her against sharing her PIN and credit card with fishy websites. She reached out to the official customer service line found on the bank’s website. She confirmed that the “security check”, which seemed helpful, was a fraudulent trap.
Sarah would have into the trap Like many others who rushed to provide their details and had their data stolen. Her data would have been stolen and used to commit fraud, leaving victims with financial losses and compromised accounts.
This is just one way that hackers are increasingly utilising AI tools to increase their operations' effectiveness, scale, and impact. As access to AI tools becomes widespread, fraudsters are leveraging AI to enhance their capabilities to target organisations and individuals.
Cybercriminals are closely monitoring trends in AI adoption, quickly exploring the potential for abuse. They are going beyond mainstream platforms by developing and trading specialized malicious websites and apps tailored to spread malware, steal data, commit financial fraud and phishing.
How to Protect Yourself
Always verify the legitimacy of any website or service claiming to check if your data has been compromised. Do not enter personal or financial information on unverified sites.
To avoid being conned, avoid suspicious attachments and links. Be wary of phishing emails made by AI and social engineering scams that ask for personal information. Equity Bank is committed to safeguarding its customers’ accounts. If you’re an Equity customer, keep these essential security measures in mind:
Never share your PIN, CODE, or OTP with anyone, regardless of their claimed identity. Keep your personal information confidential. This includes your account number, CVV/CVC, ID number, and date of birth.
If you receive instructions from an email or social media message, do not enter them into your device. Do not respond to the email. Don't give out any personal information via text message, phone call, website, or email. Report any suspicious numbers or SMS lines to the bank and the rightful authorities.
