Jamaica: Scammers defraud National Commercial Bank customers worth $22 million

Jamaica: Scammers defraud National Commercial Bank customers worth $22 million

According to reports, phishing attempts defrauded National Commercial Bank (NCB) customers of at least $22 million in Jamaica. Dane Nicholson, head of special investigations in the bank’s fraud unit, revealed that more than half of that amount was scammed just over a week ago.

“So in the last ten days or so, we’ve seen almost $18 million, but throughout the year, from January 1 through today, consumers have lost about $23 million to the phishing and phishing attempts,” Nicholson explained.

Phishing is a type of scam in which criminals send fake text messages or emails to trick consumers into disclosing sensitive information about their bank accounts.

The money that was withdrawn in the last ten days, according to Nicholson, came from the accounts of about ten consumers.

According to him, the police are cooperating with the bank’s investigations and one person has been arrested in connection with the attacks so far. He expects more arrests in the future.

The bank was forced to implement new policies following the attacks. Nicholson explained, “We have instituted a no-click, no-link policy.”

“So whenever customers receive these text messages or emails with a link asking them to click on it, please don’t click on it as we have a no click, no link policy,” the company explains.

According to Nicholson, scammers would send customers messages claiming to be from NCB. The notifications would ask consumers to click a link to regain access to their accounts, reset passwords that were due to expire, or validate information in response to a suspicious transaction.

When they click, they’re taken to a screen that looks like NCB’s login page, where they’re prompted to enter their username and password. The link would expire or they would get an error message as a result.

“In this phishing attack, they allegedly provided their username and password. This is where the fraudster would gather enough customer information and then phone them again to pose as a bank employee,” he said.

“And we saw where they called customers claiming to be me, Dane Nicholson, and asked them to verify suspicious transactions and submit their token number to stop the scam. When customers provide their stolen code, fraudsters have enough information to add beneficiaries to their accounts and conduct fraudulent transactions,” said Dane Nicholson.

According to Nicholson, the page also redirects users to another page that asks for their 16-digit credit card number, CVV number, and expiration date in some cases.

He said the bank recognized some of the victims of the attacks. “Others have contacted us to report that they clicked on the link and people called them and gave them information. “As a result, these customers reported the issue to us,” he explained.

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