Scams are doing the rounds related to the increase in VAT, a local bank has warned.
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THE VAT increase which is expected to come into effect on May 1 is being used by phishing fraudsters as bait to trick consumers, TymeBank has warned.
Phishing and vishing are cybercrime tactics used by fraudsters to mimic legitimate institutions like banks to trick people into revealing personal or financial details, including passwords, card numbers, or one-time passwords (OTPs). The scams use emails, SMSes, or fake websites to gain their victims' details.
“It’s not just banking customers who are being targeted. Anyone who has an account or subscription where VAT is payable, be that a mobile service provider, a retailer, a healthcare service provider or similar, is at risk,” says George Wandsella, head of Operational Risk and Fraud at TymeBank.
He said the fraudsters use fake notifications to create a sense of legitimacy and urgency, and entice users to click on links to “learn more”, “see updated charges/fees” or “verify your account”. However, the links usually lead to phishing sites which are designed to steal login details.
Wandsella said the latest scam was an indication of the growing threat of opportunistic cybercrime, with fraudsters targeting certain times of the year, such as holidays and tax filing seasons.
He urged customers to be cautious, "and to stop and think before they click’’.
Independent on Saturday