Although cyber crime is prevalent all year round, criminals are aware that at this time of the year extra money in the form of bonuses and increased sales is paid into bank accounts.
Criminals are always on the lookout for ways and means to steal your hard-earned money, whether by physically robbing you, or by stealthily gaining access to your bank accounts.
Some of the most common ways for criminals to gain access to bank accounts are as follows::
- A criminal forges documentation, identifies a specific account and requests the bank to re-issue an ATM card on the account, indicating that the ATM card is lost or stolen. Funds are then either withdrawn from the account or the account is used to channel proceeds obtained from other crimes.
- Accounts are taken over after fraudsters bribe account holders into handing over their ATM card and PIN. This usually occurs after syndicate members pick up a group of school children or unemployed people with ID books. The group is taken to a bank where they are forced to open a bank account. Once the ATM card and PIN are handed to the syndicate, the account holder is paid a fee.
- Accounts opened with forged documentation (false ID and FICA documents).
A certain identifier is where multiple accounts are opened with the same ID photo but different ID number.
- The account holder’s ATM card is skimmed and PIN is given to syndicate member (while original card is left with account holder). A counterfeit card is created and funds are later directed to the account and later withdrawn at an ATM.
- The syndicate advertises jobs on the internet or in newspapers. Once applicants are recruited and banking details are obtained, fraudulent funds are channelled through their accounts. Applicants are then required to keep a percentage as “salary” and transfer the rest of the funds by MoneyGram to a foreign country.
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