In the previous articles, we explored what financial fraud is and examined the most common warning signs. Today, a large proportion of scams are carried out through digital channels such as email, text messages, messaging applications and websites.
While these methods continue to evolve, they all share a common objective: to persuade us to reveal personal information, authorise a payment or provide access to our accounts.
Let's look at some of the most common forms of digital fraud.
Phishing is one of the most widespread forms of digital fraud.
Fraudsters send emails that appear to come from banks, delivery companies, public authorities or other organisations we recognise and trust.
These messages typically ask us to:
- verify our account details;
- log in to a website;
- change a password; or
- make a payment.
However, the link provided usually leads to a fake website designed to steal our information.
⚠️ Important: We should never click on links contained in suspicious emails. If we need to check an account, we should use the organisation's official app or type the website address directly into our browser.
Smishing works in much the same way as phishing, but through SMS messages or messaging applications.
Common messages claim that:
- there is a problem with a parcel delivery;
- a small payment is required;
- our card has been blocked; or
- a refund is waiting to be claimed.
The objective is to direct us to a fake website or persuade us to disclose personal information.
💡 Example:
Kostas receives a text message that appears to come from a delivery company, informing him that he must pay €2.50 to receive a parcel.
Instead of clicking the link, he visits the company's official website directly. He discovers that there is no outstanding payment and that the message was a scam attempt.
In vishing scams, fraudsters contact us by telephone while pretending to represent a trusted organisation.
They may claim that:
- there is a suspicious transaction on our account;
- we need to transfer our money to a "safe account"; or
- they require a one-time password (OTP) to secure our account.
No legitimate bank will ask for our card PIN or one-time password over the telephone.
💡 Remember: If we have any doubts, we should end the call and contact our bank ourselves using its official telephone number.
In this type of scam, we may see a pop-up message or receive a telephone call claiming that our computer or mobile device has been infected with a virus.
The fraudsters may ask us to:
- install remote access software;
- pay for supposed technical support services; or
- provide payment information.
If they gain access to our device, they may be able to view personal information or even carry out transactions.
Some scams use websites or applications that look almost identical to legitimate ones.
Small differences in a web address or application name can easily go unnoticed.
Before entering personal information, we should:
- carefully check the website address;
- use only official applications; and
- avoid accessing accounts through links received in messages.
Some attachments, downloads or applications may contain malware (malicious software).
This software can:
- record our passwords;
- gain access to personal files; or
- monitor activity on our devices.
Keeping our operating systems and applications updated significantly reduces this risk.
Although scam techniques constantly evolve, one habit remains highly effective.
Before clicking a link, sharing personal information or authorising a transaction, we should take a few moments to verify that the communication is genuine.
A brief pause can prevent significant financial loss.
✔️ Phishing is typically carried out
through email.
✔️ Smishing uses SMS messages or
messaging applications.
✔️ Vishing takes place through
telephone calls.
✔️ We should never share PINs or
one-time passwords (OTPs).
✔️ We should use only official
websites and applications.
✔️ We should verify any suspicious
communication before taking action.
👉 What’s next...
In addition to digital scams, particular caution is needed when dealing with fraudulent investment opportunities promoted online and through social media.
In the next article we will explore how investment scams and social media fraud operate and identify the warning signs that should never be ignored.
🔗Useful Links:
- Understanding Financial Fraud
- Recognising the Warning Signs of Fraud
- Investment Scams and Social Media Fraud
- Impersonation Fraud and Identity Theft
- Other Common Financial Scams We Should Know About
- What Should We Do If We Become the Victim of Financial Fraud?
- Building a Culture of Protection Against Financial Fraud
