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Awareness is the best tool against fraud

03.07.2023 11:21

The incidence of fraud related to bank cards or credit services has increased in recent years. This phenomenon is not only detrimental to the material well-being of citizens, but also undermines the reputation of the bank, public confidence in banking services, ultimately leading to serious material and moral damage.
Within the framework of financial literacy training program the Deputy Director of the Compliance Control Department of JSCB Uzpromstroybank Abdunazar Ruzikulov provided more detailed information about the types of fraud in the banking system, the methods of protection and measures to counteract it.
-The concept of fraud means stealing someone else's property or acquiring the right to someone else's property by deception or breach of trust.
Banking fraud mainly refers to the unlawful seizure of citizens' funds held on their plastic cards and deposits, as well as those taken as credit.
In the banking sphere, fraud is divided into financial, technological, credit and internal.
In this case, financial fraud includes both the illegal seizure of customer or bank funds, as well as the sale of internal bank information. Examples of this type of fraud include illegal spending of funds from customer accounts, disclosure of bank secrecy in order to change the exchange rate or generate illegal income.
With the development of digital technology, the number of cases of technological fraud is increasing. Various threats (cyber and phishing attacks) are carried out in order to illegally take possession of bank and customer data as well as funds and valuables.
Credit fraud is the most common type. It consists in obtaining credit on the basis of false data and in evading credit obligations.
It can manifest itself in different ways. For example, it is the use of fictitious pledgees, the submission of false documents, or the overvaluation of collateral.
The actions of bank employees aimed at illegally obtaining a material benefit at the expense of the bank or its customers are called internal fraud. It is most often committed in the banking industry through mobile applications, as well as private websites that sell or buy goods or property and make payments over the Internet. It also occurs through so-called social engineering. In this case, a person who has been "targeted" is informed that a close relative has had an accident, is hospitalized, and a large sum of money is needed to save his life. In a state of extreme stress, the person transfers the requested amount from his card to the card of a total stranger. As a rule, the fraudster uses misappropriated cards opened in the name of other people. Therefore, finding the owner of this card or the fraudster becomes quite difficult.
Banks take necessary measures against various cyberthreats, in particular, damaging software for illegal possession of customer account data. Information and communication technologies are provided with modern security programs and equipment, and when fraud is detected, employees promptly suspend the customer's current account for a period of time.
The role of mass propaganda and explanatory work in fraud prevention is huge. That is why the bank is permanently carrying out enlightenment work through mass media and social networks to prevent the facts of swindle among the population.
The bank's information service.