Security and fraud

Fraud is classed as a wrongful or criminal deception intended to result in financial or personal gain. As an example, fraud can crystallise when criminals gain unauthorised control of your bank account or card.

Examples of fraud include:

Account takeover - An account takeover happens when a fraudster or computer criminal, gains control of a customer’s bank account and uses this to make unauthorised transactions.

Identity theft - Identity theft happens when fraudsters access enough information about someone’s identity (e.g., name, date of birth, current or previous addresses) to commit identity fraud. Identity theft can take place whether the fraud victim is alive or deceased.

Unauthorised account or card transactions - Unauthorised transactions can be when someone uses your account to facilitate money transfers or card payments without your permission.

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Cybercrime is any criminal act carried out via computers, smartphones or the internet.

Examples of cybercrime include:

Phishing - Phishing is where a fraudster uses fake emails or text messages to try to steal your passwords, account numbers or additional personal data. Account hacking - Account hacking is where a fraudster can misuse devices like computers, smartphones, tablets and networks, to cause damage to or corrupt systems, gather information on users, or steal data and documents.

Account hacking - Account hacking is where a fraudster can misuse devices like computers, smartphones, tablets and networks, to cause damage to or corrupt systems, gather information on users, or steal data and documents.

Internet fraud - Internet fraud can encompass many types of fraudulent acts. For example, phishing or spoofing are types of internet fraud, as they involve the usage of fake emails, text messages, or copycat websites to commit identity theft, steal personal data, including credit card and bank account numbers, debit card PINs, and account passwords.

Ransomware - Ransomware is a type of malicious software which can be utilised by fraudsters to block access to a computer system.

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A scam is when you are tricked into making a payment or sharing details with a criminal.

Scammers are known to impersonate banks, retailers or officials by using emails, phone calls and texts that appear genuine. They also may use cash as bait to try and defraud you.

Examples of a scam include:

Lottery scams - Lottery scams are a type of scam, which are usually facilitated by a fraudulent phishing/spoofing email notification, phone call, text (or in rare cases via direct mail), explaining that "You have won!" a large sum of money.

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Research the cryptocurrency you want to buy: Make sure you understand how cryptocurrency works and its related risks.

Choose a trustworthy exchange: Ensure the exchange is licensed by the appropriate regulators and has a solid track record. Read and research the terms and conditions carefully to learn more about where your money is kept, how it is managed, and what happens to your money if the exchange were to collapse. You may also want to read through user reviews before making any payments.

Use a wallet that is secured: Store your cryptocurrency in a secure wallet. This is to prevent hackers from getting into your account. Where possible, always use a 2-Factor Authentication (2FA).

Don’t invest money that you cannot afford to lose: The crypto market can be volatile; therefore, be conservative with your investments, particularly when starting out.

Keep an eye on your investments: Watch and monitor the market and be aware of any changes in the price of the cryptocurrency you’re investing in.

Be aware of scams: Be cautious of investments that are too good to be true, and do not be rushed or pressured into making any financial decisions. Fraudsters may target you through social media or even over the phone. Do not feel pressured to download new software to your computer (especially remote access) or set up new accounts on the spot before you’ve had a chance to do your own research.