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What are the common types of fraud?
What are the common types of fraud?

We explain the two common types of fraud so you can learn how to protect yourself from fraud.

Updated over a week ago

Criminals and fraudsters excel at impersonating people and getting hold of sensitive details so they can spend money that isn’t theirs. We recommend learning how to protect yourself from fraud, so you can avoid these situations as best as possible.

Two common types of fraud include:

Digital fraud

This is when criminals exploit digital channels such as email, websites, chat rooms to learn about your personal or account details to steal it. This also may involve adding malware onto your device.

They are many types of digital fraud, which means you need to stay alert and educate yourself. The common types of digital fraud include:

  • Phishing – This involves deceptive activities that include dubious emails, texts or calls that aim to manipulate you into reveal personal information or transferring money. If you’ve received and/or interacted with a phishing attempt, you may be a victim. Please contact us and our Unloan support team will be in touch to report suspicious activity in relation to your application or account.

  • Malware – This includes viruses, software, or attachments designed to target online banking on computers or mobile devices to redirect and compromise transactions without your knowledge.

  • Porting – This involves the unauthorised transfer of your phone number from one service provider to another. This allows fraudsters to intercept messages to retrieve one-time passwords and breach your online banking accounts.

  • Identity takeover – This is when your identity is taken over to access your current banking accounts or create new bank accounts and loans. This usually involves obtaining a full name, date of birth, and address and passing identity verification over the phone to retrieve one-time passwords.

Here are some tips to help safeguard yourself from digital fraud:

Avoid clicking any links or downloading any attachments from unfamiliar email senders

  • Do not click on links that are sent via text messages from unrecognised or suspicious contacts

  • Never share your banking information details with others, and if it’s required, always understand the purpose for its use

Identity fraud

This is when criminals and fraudsters try to obtain your personal information so they misuse your identity to use your credit cards or take out loans and other products in your name.

Identity theft can occur online or offline or a combination of both. Criminals and fraudsters are increasingly using social networking sites to uncover your personal information and financial details. Hence, it’s important to keep your personal information secure. This includes:

  • Driver’s licence

  • Passport

  • Medicare card information and

  • Bank account details

Here are some tips to help safeguard yourself from identity fraud:

  • Always keep your personal information safe

  • Store your passwords securely and change them regularly

  • Enable Two Factor Authentication (2FA) on all services, particularly your email and social media

  • Store statements, receipts, tax returns and other documents showing your personal financial information securely - if you throw them away, shred them first

  • Restrict personal information such as your date of birth on social media platforms and keep profiles on a private setting

  • If you’ve moved house, be sure to update your details immediately, so your mail is sent to the correct address

  • Ensure your financial service providers like us always have up-to-date contact information, so that we can reach you if we notice any suspicious activity

  • Check your bank statements regularly to see if there are any unauthorised transactions made

  • Install anti-virus software on your computer and scan it regularly

  • Only share personal information to a person or organisation if you know them, trust them, and know why they need it

  • Avoid applying for any financial/banking products on someone else’s device (phone/laptop etc)

The article does not have regard for the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on this, consider the appropriateness to your circumstances.

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