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Scammers use your bank’s email or text message template to trick you into giving your personal information. The “urgent” message can include possible account deactivation, verification of details, system upgrades, or announcement of prizes that you “won.” It will ask you to reply or click on a link immediately.

If you fall for the trick, the scammers can collect your personal details and gain access to your account. Your bank will send a text message to your registered mobile number when an unknown or a new device (the scammers) attempts to access your account. The message will confirm if you’re currently adding a new device and would like the app to recognize it. Once you confirm, you’ll receive a One-Time Password (OTP).

The scammers will send a follow-up email, prompting you to reply “Add Device” to your bank’s text message and eventually ask for the OTP. Using your OTP, the scammers can empty your account or do various fraudulent online banking transactions.

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Adapted from “Debit and Credit Card Fraud 101” 

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