The National Commercial Bank (NCB) revealed that about 12 customers have lost close to $18 million in the last 10 days due to smishing and phishing fraudulent activities on their accounts.
Dane Nicholson, Manager of Special Investigations in the Fraud Prevention Unit of the bank confirmed that customers’ accounts were accessed by unscrupulous persons who sent text messages and emails pretending to be from NCB. This message prompted the users to click on a link and disclose their personal and banking information.
He further shared that some customers have received follow-up calls where these persons have pretended to be an employee of the bank. In this, they inform them that there are suspicious activities on their account and then request that the customer provide their security token in order to stop the transaction. This would then allow them to add themselves as a beneficiary and make unauthorized transfers and transactions.
Investigations have since commenced with the police and one individual has reportedly been arrested in connection with the scam.