The magic of the internet means we can now access our financial services from the comfort of our homes and even on the go. Depending on how old you are, you might not even remember a world where you couldn’t log into your bank account from your phone, transfer funds from your laptop, or even manage your pension from a tablet.
One of the major downsides of using the internet in banking is the rise in phishing schemes that exploit banking customers. You’ve probably seen at least a few headlines about phishing schemes and how much money is lost to them each year. But how do you make sure you don’t fall for them? We are here to help.
What Is a Banking Phishing Scam?
Of course, if you want to avoid falling victim to a phishing scheme, you’ll need to know what exactly it is in the first place. At its core, a phishing scheme is a criminal activity that targets banking users and attempts to obtain their sensitive information. This is typically done by pretending to be the bank or any other reputable organization.
Phishing schemes occur through various methods, including emails, text messages, phone calls, online pop-ups, and more. Some even go so far as to create fake login pages that resemble the bank’s own, in the hope of trapping customers who misspell the bank URL or click a dodgy link into thinking they are giving their actual details to a real bank.
In every case, the end goal is the same: convincing the banking user to disclose details such as their name, PIN, bank account number, sort code, and other information that can be used to log in to their bank account and steal from it.
Common Signs of a Banking Phishing Scam
A few common tactics are used in banking phishing schemes, and to avoid falling victim to them, you want to learn about them yourself. Here are a few of them.
Urgency
Urgency is a common tactic used within virtually every type of scam, and this is because it targets individuals’ ability to think and rationalize. The way a scammer sees it, you should act on their instructions or dubious messages as soon as possible. If you wait a day or even a few hours to ask, you might realize that this request is unreasonable or that this information is false.
So, phishing schemes often tell you that you have to log into your bank right now or you lose access to it. Or that you have some money hanging in the balance that you must claim immediately. Or that some sort of legal action will be taken against you if you don’t act now. So, any message claiming to be from your bank or any other financial institution telling you you have to act immediately by providing certain information should be looked at with suspicion.
Suspicious Links
One thing you will hardly see in a phishing scheme is a message telling you to contact your bank directly. Instead, phishing schemes almost always come with a link that you are told to click to recover your account, make a payment or get in touch with the bank.
Usually, when you click on this link, you either are taken to a fake login page that tries to extract your banking details, or you grant some sort of malware access to your devices where it can then steal your information. Either way, you are likely to encounter dodgy links or be prompted to click a URL.
Poor grammar and spelling
Many scammers who run bank phishing schemes tend to send messages that are poorly worded, riddled with spelling and grammar issues, and more. There are several reasons for this. First, some of these scammers are from other countries on your own, and might be using software to translate their messages, which can make errors.
Another theory is that these scammers often write the emails poorly on purpose to fish out anyone discerning enough to notice them from the start. Regardless of the reason, do not act on any message you get purporting to be from your bank that is poorly written.
Unusual Sender Details
Another way to spot a bank phishing scheme is to note the sender’s details and how, in almost every case, they do not match those of the actual institution. The email may purport to be from Barclays Bank, for example, but the email address is a random Yahoo mail address with letters and numbers, with nothing indicating it is actually from the bank.
It might even have an email address that looks like official bank correspondence, but when you look closer, it is not. If you get any email reporting to be from your bank, but the sender details are off, you should avoid clicking anything within it; uninstall, and contact your bank directly through their unknown channels.
Strange Requests
The typical phishing scheme automatically tries to get you to hand over your banking details, usually through fake requests. You might be told that you are going to lose access to your bank account and you have to log in immediately. You might be told that someone is trying to deposit a large amount of money and that you have to clear it by logging in. You might be told that you have made a serious error with your taxes and will be arrested if you do not log in.
All of these are the sorts of requests that your bank would not usually send you, and so, getting anything of the sort should be met with caution.
How to Check if a Banking Message Is Genuine
Give practical steps readers can take before clicking a link, sharing information, or responding.
If you get any message or call from a bank, and you want to know if it is genuine, consider the following steps:
- Do you have an account with the bank? Because phishing schemes sometimes target people randomly, you might get a message claiming to be from a banking institution you have never done business with. In that case, ignore it completely.
- Check the sending source. As we’ve said, a common way to tell if a scheme is phishing is to check whether the email address or phone number and the question are associated with the bank. Before you take any action, copy the phone number or email address and search it online. You will usually be able to tell if it is the official bank email address/phone number or if it is known for scams.
- Don’t click anything. Even if you believe that the message was genuinely from your bank, avoid clicking on anything just yet. Instead, go directly to your banking app, call the bank yourself, or visit the official website to complete your transaction.
- Report it to the bank. If you receive a message that turns out to be a phishing attempt, make sure to alert your bank, as it can help protect you and other users in the future. You can also report this to the appropriate authorities, such as the police or the financial crimes division, if needed.
Conclusion: How to Protect Yourself from Future Phishing Attempts
As long as banking customers continue to exist and do business online, phishing attempts will never fully stop. Moving forward, you can protect yourself in a few ways.
First, make sure you have the official banking app of any institution you do business with. That way, if you are told to log in to your account or that you have received some money, you can go directly to the banking app without clicking any links in the message. Also, enable two-factor authentication on all your banking apps and accounts. That way, if anyone tries to log in using stolen details, you will be alerted, and they can be audited.
Also, make sure to block and report any phishing messages you receive so they cannot message you again. As time goes on, you should read about any new phishing strategies to make sure you are never caught off guard.
