The many faces of fraud


The many faces of fraud

Knowing is the first step to preventing yourself from becoming a victim of fraud. Here are the common types fraudulent activities that target banking customers:

  1. Voice Phishing. Also called “vishing,” this is a type of fraudulent activity where fraudsters call and trick you into giving personal and account-related information, such as your PIN, card verification value (CVV), and one-time password (OTP). This type of fraud uses unknown numbers to call you. The other person on the line then pretends to be a bank representative who is calling to verify your account details with a sense of urgency. We will NEVER ask for personal and account-related information over the phone.
  2. Account Takeover. This fraud takes place when a fraudster seizes control of an online account, changes information such as the username, password or other personal information, and then makes unauthorized transactions with that account. One of the fraudster’s modus is to pretend as a bank representative and ask the client to surrender his/her online account or debit card information due to a system update or in exchange for freebies.
  3. Money Mule. This type of fraud involves you receiving money that is illegally obtained with or without your knowledge. As a money mule, you are often paid to receive stolen money into your account, and are instructed to wire a portion of that said money to a different account. Victims of this type of fraud are often unaware that they are committing fraud and money laundering.
  4. Identity Theft. This is a form of deception where someone steals your personal information (such as name, date of birth, home address, social identification records, etc.) without your permission to commit fraud. Identity theft often happens when fraudsters or hackers trick you to divulging your personal information to apply for a credit card or other financial services, which can also ruin your credit ratings.
  5. SIM Swap Scam. Another form of deception is the SIM swap scam. You fall victim to this scam when you’re instructed to send a message to your network provider to activate a SIM upgrade. The instruction will also ask for your OTP or PIN. After you share these account details, your phone suddenly loses signal or stops working. The fraudster then takes over your mobile number and receives all incoming messages and calls, as well as your OTP for banking transactions.

If you think you have become a victim of these fraudulent activities, call and report this incident to (02)88-700-700 or 1-800-1888-5775. You can also send us an email at customercare@metrobank.com.ph and use the “Report on Possible Fraud” as a Subject Line.