Types of Fraud
It is important to understand all the methods of electronic fraud currently in practice to effectively protect your identity and assets online.
Learn more about each method:
Take steps to protect yourself against identity theft, including protecting your personal information, memorising your passwords and reporting thefts and losses immediately.
Email Fraud (Phishing)
Be wary of e-mails that ask for personal information and never provide your personal passwords, personal information numbers or sign in information for CIBC FirstCaribbean Internet Banking.
Credit Card Fraud
CIBC FirstCaribbean helps to protect you from unauthorized use of your credit card. However, taking additional precautions can reduce your risk of becoming a fraud victim.
Cheque fraud is among the oldest and most common forms of financial crime. Even with the advent of electronic payment products, cheques still account for billions of payments each year, making them a prime target for criminals.
Moving Money for Strangers
Criminals want you to do their banking for them. If they earn your trust, they'll use your account to cash phony cheques, collect funds from other accounts, and move stolen money offshore. They use a variety of schemes to convince you that they're legitimate. Some will even give you money to earn your trust. By accepting and re-directing electronic deposits (such as wire transfers), you could be participating in a money-laundering scheme if those deposits were proceeds of a fraud or other criminal activity. The stories vary, but the results are the same: fraud and financial loss.
ATM Skimming is a method used for stealing your identity during an ATM transaction. This method utilises a card skimmer (superficial reader) to collect, record and store your credit/debit card number. The person "Skimming" your card can then use this informaiton to program his own card with your information!