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Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters - Business - Nairaland

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Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by chidima2019: 6:21am On Aug 10
The pervasive electronic banking fraud in the banking sector is leaving in its wake losses and crisis of confidence in the financial industry, according to investigation by Nigeria CommunicationsWeek.

In fact, some of the most significant risks to banks are self-serving or criminal acts carried out by some insiders; and when these insiders use their technical knowledge to alter or disable security controls, it can be even more difficult to detect abuse.
But it becomes more dangerous when insiders conspire with criminals outside, showing that depositors money in the banks are not safe.
For instance, fraudsters now inundate banks’ customers with SMSes to authenticate accounts with banks.
The preciseness of the messages with accompanying data show they could only have gotten the details from insiders in the banks.

How it Works
Fraudsters send message to customer’s phone claiming that the customer made a mistake while filling his or her account opening forms with a bank.
Armed with customer data, they usually follow up with a call asking if the customer got a text and if the customer registered his or her BVN with the bank.
The fraudster will now reel out your personal biodata and ask the customer to confirm the details.
If the customer is cooperative, the fraudster will send him or her a text with a code and ask him or her to have his or her ATM card close.
Once, they get your digits on your ATM, the customer’s fund is good as gone.
Investigations showed that a group of bank employees are helping these fraudsters with information about account owners and potential targets.

Only recently, the Nigeria Deposit Insurance Corporation (NDIC) decried the increase in fraud cases attributed to internal abuse by staff of banks.
Curiously, most of the fraud were internet, ATM-related.
Earlier, the Central Bank Nigeria (CBN) Financial Stability Report (FSR) had revealed that the value of fraudulent activities in the Nigerian banking sector rose to N5.52 billion at the end of the 2017 financial year, while the value of 2016 fraud was N4.12 billion.
As punishment, the proposal by Jones Onyereri, chairman of the House of Representatives’ committee on banking and currency, for a fine of N20 million per day for infractions like insider abuse should be revisited.

http://www.akelicious.net/2018/08/banks-customers-lose-fortunes-as.html

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Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by Sharpshooota: 6:37am On Aug 10
There is nothing hunger will not do to Nigerians this Buhari time....


This is Nigeria
Everybody is a criminal

33 Likes 3 Shares

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by modelmike7(m): 6:40am On Aug 10
Rule Number One: BECAREFUL and VIGILANT

8 Likes 2 Shares

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by dlondonbadboy: 6:40am On Aug 10
Interesting..

1 Like

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by superior1: 6:41am On Aug 10
Even insiders do not have enough details to defraud you without you being complacent.


sammyscholar how do you mean

They can get some of your information (most often basic bio data), the security features on most account is such that would take the fraudsters lots of money investing in software and skills to break in (your account most be really heavy to worth that kind of trouble), don’t forget Banks spend billions in cash on resources and skills to install security features.

Most times to successfully defraud you, they will play on your few info they got and bait you playing into their hands with the info they needed eg, they have your email address and then send you link to put needed details or phone number and send you text to forward your details etc.

Basic security measures like not disclosing your account details to a third party or filling phony weblinks etc is adequate (most times)

30 Likes 4 Shares

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by iomoge2(f): 6:41am On Aug 10
hmmmm

1 Share

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by modelmike7(m): 6:42am On Aug 10
Sharpshooota:
There is nothing hunger will not do to Nigerians this Buhari time....


This is Nigeria
Sharpshoota is a criminal
So na Buhari no make you dey chop for house again?
Sorry o!
No go find work do!!

11 Likes 3 Shares

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by Naijabams(m): 6:42am On Aug 10
Hmmm only in this country
Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by BlackPantherxXx: 6:42am On Aug 10
Sharpshooota:
There is nothing hunger will not do to Nigerians this Buhari time....


This is Nigeria
Everybody is a criminal

I would have said you urgently need a brain transplant, but i won't because i don't want to be banned. wink wink

There was no crime during GEJ, your god's time?

I don't support APC/PDP because both are useless..But we should be objective and make use of our brains. God gave them for use and not decoration

33 Likes 2 Shares

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by kurt09(m): 6:42am On Aug 10
My friend lost 1.4 million in Eco bank few weeks ago .
Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by stevenson007: 6:43am On Aug 10
This is Nigeria, .................. you know the rest!

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by rhektor(m): 6:44am On Aug 10
Bank worker mine worker
grin grin grin grin
Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by juddexy2(m): 6:44am On Aug 10
On no account will a bank call you to reveal your PIN to anyone. This is already like national anthem with all banks, it has been resounded like forever yet the gullible ones still fall. Your Pin is the ticket to your account

13 Likes 2 Shares

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by lascopes(m): 6:47am On Aug 10
Now they will say Yahoo boys don't have brains. Well, its a friday morning, let me come and go and iron my jalabia

1 Like

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by hisgrace090: 6:48am On Aug 10
Too many criminally minded individuals in naija.

2 Likes

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by homotayo11(m): 6:51am On Aug 10
Nigeria our country undecided
Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by theoldpretender(m): 6:51am On Aug 10
juddexy2:
On no account will a bank call you to reveal your PIN to anyone. This is already like national anthem with all banks, it has been resounded like forever yet the gullible ones still fall. Your Pin is the ticket to your account

Exactly

I even got an email this week from my bank, for the ,like 100th time telling me NOT to reveal my pin to anyone, even their own staff.

And yet...some Nigerians don;t hear....

8 Likes

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by easynetsms(m): 6:52am On Aug 10
The forces are not even helping matters. Imagine wen someone is duped and u report to d police, dey will ask money from u to start with d case , and sometimes d money they will ask from u will still be almost d same money those fraudsters have collected from u. At d end of the day d person finds it difficult to retrieve his money back. The money collected by d police to do d investigation will be a waste .

The police force is not helping issue at all. This is d reason y internet fraudsters are increasing day by day. The government neglected the issue.

My question is what's d use of this bvn wen u already have details of these fraudsters . because most times these money are either transerred to their account before dey withdraw it. The only thing bank will tell u is dey re working on it


This country needs a lot

13 Likes 3 Shares

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by Mikepenny5(m): 6:52am On Aug 10
kurt09:
My friend lost 1.4 million in Eco bank few weeks ago .
how did he loose the money, enlighten us the more so we can know, thank you

2 Likes

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by EsotericMonk: 6:53am On Aug 10
EFCC that should have been alive to its responsibilities is now a shadow of its once vibrant self, acting as s political tool to execute personal vendetta.
Our cyberspace is soo unsafe, making internet banking such a huge risk.
Then there is the problem of unsolicited calls. As a rule, if my bank calls me, it's a fraudulent call. I only deal with email from the verified bank portal.
Yesterday, one funny lady who couldn't identify herself and her branch properly called me from Acess bank, telling me to fund my account. I burst lafter, is it your funding? cheesy grin . I quickly marked the call as spam on truecaller so that someone else wouldn't fall victim.

2 Likes

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by Aliyullahi(m): 6:53am On Aug 10
I got people who has fall victim of this fraudsters especially the that of ATM card details. Most People are unaware that the bank can never ask one to rectify a problem via phone call. Banks also need to enlighten their Customers especially those ones that aren't educated on the importance of coming to banks Customer care Agent, if they happen to have any issues with their account.

1 Like 1 Share

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by theoldpretender(m): 6:54am On Aug 10
How it Works
Fraudsters send message to customer’s phone claiming that the customer made a mistake while filling his or her account opening forms with a bank.
Armed with customer data, they usually follow up with a call asking if the customer got a text and if the customer registered his or her BVN with the bank.
The fraudster will now reel out your personal biodata and ask the customer to confirm the details.
If the customer is cooperative, the fraudster will send him or her a text with a code and ask him or her to have his or her ATM card close.
Once, they get your digits on your ATM, the customer’s fund is good as gone.
Investigations showed that a group of bank employees are helping these fraudsters with information about account owners and potential targets.

The OP did not mention that banks repeatedly tell their customers NOT to reveal their personal details like BVN, PIN to any one calling, even if it is a 'bank staff'!

I agree there are fraudsters , and some bank staff are conniving with them...but if anyone loses his money because someone called to tell him to reveal his details...it is that person's fault.

3 Likes 1 Share

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by qanda: 6:54am On Aug 10
Ok
Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by Obierika: 6:55am On Aug 10
Nigeria is a country of dishonest people... from the youngest to the oldest, from the junior staff to the supervisor!

1 Like

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by jbtobsyn(m): 6:55am On Aug 10
BlackPantherxXx:


I would have said you urgently need a brain transplant, but i won't because i don't want to be banned. wink wink

There was no crime during GEJ, your god's time?

I don't support APC/PDP because both are useless.
.But we should be objective and make use of our brains. God gave them for use and not decoration
Is this Jonathan's regime? The Government should work hard to reduce poverty and crime rate. Don't bleeping tell me that poverty has reduced because we are the poorest country in the world.

4 Likes

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by omakay(m): 6:56am On Aug 10
ALWAYS VISIT THE NEAREST PHYSICAL BRANCH OF YOUR BANK TO RESOLVE ANY BANKING ISSUES......


DO NOT BE LAZY


DO NOT BE AN ILLITERATE

1 Like

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by Amberon11: 6:56am On Aug 10
This same thing happened to my friend though he didn't lose a penny as he didn't even have any. The fraudatsers were even asking when he would receive money.
Can you imagine? He banks with Ecobank too.
kurt09:
My friend lost 1.4 million in Eco bank few weeks ago .
Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by kehinde1588(m): 6:56am On Aug 10
That is called pishing. Hope

1 Like

Re: Banks’ Customers Lose Fortunes As Insiders Mine Data For Fraudsters by stevenson007: 6:57am On Aug 10
BlackPantherxXx:


I would have said you urgently need a brain transplant, but i won't because i don't want to be banned. wink wink

There was no crime during GEJ, your god's time?

I don't support APC/PDP because both are useless.
.But we should be objective and make use of our brains. God gave them for use and not decoration

Just mention the part that is paining you, biko!

4 Likes 1 Share

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