How to Prevent Financial Fraud and Scams with Cybersecurity

In this era of digital technology, where online banking and financial transactions provide unprecedented convenience, they also bring along an elevated risk of financial fraud and scams. Cybercriminals are constantly devising new tactics to steal sensitive information and manipulate unsuspecting individuals. As technology evolves, so do the methods used by fraudsters, making it crucial for individuals to stay informed and take proactive steps to protect themselves.

This article will explore various aspects of cybersecurity, including financial fraud prevention, the most common types of banking frauds, and, finally, how APS Bank can help you safeguard your financial assets.

How to Prevent Financial Fraud with Cybersecurity

1. Protect Your Personal Information

One of the most effective ways to prevent financial fraud is to safeguard your personal information, which includes your ID number, bank account numbers, credit card details, and any other sensitive data. You should always be cautious about sharing such information, both online and offline, and avoid disclosing personal information on social media platforms.

2. Be Wary of Phishing Attacks

Phishing attacks are a common method used by cybercriminals to steal personal and financial information. These attacks typically involve phishing emails, phone calls, SMS, social media and websites that impersonate legitimate organisations, enticing victims to share their sensitive data. To prevent yourself from falling prey to one of these cunning traps, be wary of clicking on links or downloading attachments from unknown sources and always make sure to verify the authenticity of websites before entering any personal information. APS Bank’s official domains are apsbank.com.mt, ebank.apsbank.com.mt (for internet banking) and apsfunds.com.mt.

3. Use Strong, Unique Passwords

Creating strong and unique passwords for your online accounts is essential. Avoid using easily guessable passwords like “123456” or “password”. Instead, use a combination of upper and lower-case letters, numbers, and special characters or consider using a reputable password manager to securely store and generate complex passwords.

4. Enable Two-Factor Authentication (2FA)

Two-factor authentication adds an extra layer of security to your accounts. When 2FA is enabled, even if a cybercriminal obtains your password, they will still need access to a secondary authentication method, such as a text message code or a biometric scan, to gain entry. This is why you should always enable 2FA when available.

5. Monitor Your Accounts Regularly

Frequently reviewing your bank and credit card statements is crucial for spotting any unauthorised transactions or suspicious activities promptly. That way, if you notice anything unusual, you will be able to report it to your financial institution immediately. The best ways to contact APS Bank are through Contact Centre on (+356) 2122 6644 or through a secure message on the myAPS Message Hub.

6. Educate Yourself About Scams

Stay informed about the latest scams and fraud tactics. Fraudsters are constantly evolving, and being aware of their methods, can help you avoid falling victim to their schemes. Keep in mind that legitimate organisations will never ask for sensitive information via email, SMS, or phone calls.

Most Common Banking Frauds

Understanding the most prevalent types of financial fraud can help you remain vigilant and better protect your finances from potential threats. Let’s explore some of these common scams and frauds that individuals should be aware of:

1. Phishing scams: possibly one of the most common types of scams, phishing involves the sending of deceptive emails or websites designed to trick individuals into revealing their personal information, such as their login credentials or credit/debit card details.
2. Identity theft: it occurs when a fraudster steals personal data to impersonate someone else, often for financial gain. This can result in unauthorised transactions, opening fraudulent accounts, and damaging your credit.
3. Data breaches: this type of breach involves cybercriminals gaining unauthorised access to a company’s database and containing sensitive customer information. Unfortunately, this stolen data can be used for various fraudulent purposes and can be very damaging.
4. Credit card fraud: it relates to the unauthorised use of someone’s credit card information to make purchases or withdraw funds. This can occur either through stolen physical cards or online transactions.
5. Investment scams: they lure victims with promises of high returns on investments that do not exist or are fraudulent. In such scams, victims may even lose their savings to these schemes.

How can APS Bank Help You Prevent Fraud?

At APS Bank, we take your financial security seriously and have implemented various measures to help you combat fraud effectively:

• Advanced security measures: at APS Bank, we employ cutting-edge security technologies to safeguard your accounts and financial transactions. This includes robust encryption, multi-factor authentication, and real-time transaction monitoring.
• 3D Secure authentication: to enhance the security of your online transactions, we offer the 3D Secure authentication system. With 3D Secure, you will receive a one-time passcode via SMS or email to verify your identity during online purchases. This additional layer of security ensures that your online transactions are protected against unauthorised use.
• Fraud detection systems: we utilise sophisticated fraud detection systems that continuously analyse transaction patterns to identify unusual or suspicious activities. If any irregularities are detected, we take immediate action to prevent potential fraud.
• Customer education: we believe that informed customers are better equipped to protect themselves from fraud. That’s why we are committed to educating our customers about common fraud risks and best practices for securing their accounts. We provide valuable information on our social media channels and our website on phishing scams, password security, and safe online banking practices.
• Collaboration with law enforcement: in case of suspicious activities, we work closely with law enforcement agencies to investigate and prosecute financial criminals. Reporting such activities to the relevant authorities is a crucial part of our fraud prevention efforts.

By implementing these measures and technologies, we strive to provide you with a safe and secure banking experience, protecting your sensitive information and financial well-being.

Secure your Finances with APS Bank Today

Protecting your financial interests begins with the right banking partner. Join us today and benefit from our range of comprehensive security features, each designed to keep your finances safe and secure.

To learn more about cybersecurity and how we can help you safeguard your finances and protect against fraud, visit our Protect page. Alternatively, fill in the form below to get in touch today and learn more about how we can help you keep your finances safe and secure.

Approved and issued by APS Bank plc, APS Centre, Tower Street, B’Kara BKR 4012. APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. The Bank is also registered as a Tied Insurance Intermediary under the Insurance Distribution Act 2018.