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Bank issues alert on fraudulent phone activities

Fraudsters active in Kazakhstan's banking system, as per the National Bank's recent report.

Bank issues alert on fraudulent phone activities

"Watch Out for Sneaky Swindlers in Kazakhstan!", says the National Bank, warning of a surge in fraudulent activities. These crafty con artists pose as bank employees, vying for your personal data to pilfer your hard-earned cash, according to Total.kz.

The National Bank doesn't deal with individual accounts, facilitates money transfers, or handles transactions.

Bank accounts are exclusively available for the National Bank, second-tier banks, and a restricted set of legal entity operations.

To avoid getting snared, snub any suspicious emails and anonymous phone calls demanding money transfers.

Be wary of any unexpected messages or calls offering you money, with details of unidentified bank accounts, as these are usually red flags for fraudulent activity.

If you receive shady letters or calls claiming to be from the National Bank, requesting money transfers, connect with law enforcement immediately.

In Kazakhstan, as in other countries, fraudsters are known to utilize complex strategies to impersonate bank employees or trusted individuals. Their toolkit includes:

  1. Social Engineering and Impersonation: Tricksters might deceive people using impersonation techniques like deepfake technology, mimicking voices or faces to manipulate employees or customers into revealing sensitive information or authorizing unauthorized transactions.
  2. Phishing: This involves sending deceptive emails or messages that appear to hail from a credible source—like a bank—to hoodwink victims into disclosing personal data or login credentials.
  3. Authorized Push Payment (APP) Fraud: Scam artists persuade victims into initiating transactions under false pretenses, often posing as bank officials to gain trust.
  4. Voice Phishing (Vishing): These scam artists use phone calls to impersonate bank officials, tricking victims into disclosing sensitive information or executing transactions.
  5. SMS Phishing (Smishing): Deceiver messages that imitate phishing but leverage text messages to dupe victims into disclosing information.

In Kazakhstan, victims of fraud may not report incidents due to a lack of awareness, data breach fatigue, or personal embarrassment, as is common globally. To counter these strategies, organizations should beef up security, provide education to employees and customers about potential scams, employ AI-driven fraud detection systems, and conduct regular internal audits.

In the General-News sector, there's been an escalation of fraudulent activities in Kazakhstan, particularly within the Finance and Business domain. The National Bank has issued a warning regarding this surge, highlighting the danger of dealing with fraudulent bank employees. Despite the National Bank not handling individual accounts or transactions, it's crucial to be vigilant, especially against social engineering and impersonation tactics that these con artists often employ.

Ignoring suspicious emails and anonymous calls demanding money transfers is a wise approach. Similarly, be cautious of any unexpected messages or calls offering money with unidentified bank accounts, as these are usually red flags for crime-and-justice related issues. If you receive suspicious letters or calls claiming to be from the National Bank, requesting money transfers, it's essential to connect with law enforcement immediately.

It's not just Kazakhstan where such fraudulent strategies are used. Globally, fraudsters typically utilize complex techniques, such as phishing, Authorized Push Payment (APP) fraud, Voice Phishing (Vishing), and SMS Phishing (Smishing), to impersonate bank employees or trusted individuals. Being aware of these tactics can help protect yourself and your hard-earned finance.

Allegations of Ramped-Up Fraudulent Transactions in Kazakhstan Raised by the National Bank

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