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Online financial fraud and ways to make safe online transactions | Part 1

On the Google AdWords network, the most common types of financial fraud include:

  • Fraudulent or unauthorized transactions
  • Lost or stolen payment instrument
  • False requests for a refund (Chargebacks) or multiple debit cancellations


How does fraud happen?

Cybercriminals have become extremely smart and efficient at obtaining sensitive information illegally. Hackers and fraudsters often pretend to be bankers to obtain sensitive information. They use multiple means of interaction to gain access to your payment instrument credentials, including the following:

  • Mimicking official bank websites  
  • Email phishing
  • Instant messaging
  • Sending malware to devices
  • Phone calls
  • Rerouting to fake and bogus websites
  • Internet auctions

Fraudsters sometimes work in teams to advance past network security systems by identifying gaps and loopholes in financial processing systems. These gaps are risky and give hackers an easy way to attain your credentials and account information.


Adopting the following best practices helps us fight fraud:


Change your password regularly

Changing your password regularly helps keep your banking account safe. More importantly, make sure to keep the password confidential at all times. Using the same password across different accounts puts you at high risk. If fraudsters were to obtain access to one of your accounts, they could potentially also get access to several of your other accounts. The best way to keep your credentials safe in the virtual world is to use unique passwords for different transactions and platforms.


Do not use public computers to log into your bank account

  • Avoid public cafes and common computer spots when logging into your bank account. Passwords are more likely to be intercepted in crowded areas and on public networks. In the event that you must log into your bank account from such places, make sure to never allow your browser to remember your password. You should also clear your browsing history and cache.


Do not share your account details with anyone

  • Bankers or bank agencies will never ask for your confidential information via phone or email. Fraudsters can pose as your banker and can give you a phone call requesting your credit card number or account ID. Do not give out your login information. Make sure to use your login ID and password only on the official bank login page.


Keep checking your bank account regularly

  • After any internet transaction, you should check your bank account to verify whether the right amount has been deducted. If you notice any mismatch in the amount, reach out to your bank via phone immediately to report this issue.


Always use licensed anti-virus software

  • You should protect your computer with a licensed anti-virus software, not pirated versions which are available for free and may fail to protect your computer from phishing or virus attacks.


Don’t click links in emails

  • Fraudsters tend to send emails with fraudulent website links that mimic your bank’s original website. As such, it is often safer to type your bank url directly into the browser address bar, rather than click on links from your emails. If you enter your credentials on a fake website, fraudsters may obtain access to your accounts. Always remember to check for “https://” in the URL and verify that it is your bank’s official website.

Tafser A
March 2017

I love two-factor authentication using an online bank. But little but argument with the "https://" point. It's because anyone can buy the SSL yearly for $10.  Even now most of the hosting company is offering Free SSL.  So I think "https://" is not the right to track that is official bank website. A better way to remember or search on Google. Every single local or international bank has pointed on Google map with their official website link. After all, I always try to open my eyes. It is the best way to protect and secure my money and account.

March 2017

Great Read Cassie, Thank You!

April 2017


How about using passwords managers like last pass? How safe are they?