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E-Banking Fraud

Commercial Crimes » E-Banking Fraud

Most e-banking fraud cases are due to the negligence of the customer who disclose their personal identification numbers (PIN) and passwords to a third party. In most cases, the victim receives an SMS alleging that the victim has won a cash prize. To claim the price, the victim is instructed to open an Internet banking account and follow instructions given by a stranger. This includes disclosing their PIN. A mobile phone syndicate acts as the medium to receive the SMS with the bank’s verification code. Other methods include phishing – tricking the victims into disclosing their bank account or credit card info by sending an email that look like they’ve been sent by a legitimate bank, asking the victim to disclose personal info, or directing them to a fake website that resembles a legitimate website.