Safeguard Gibraltar:
Be Fraud Smart
At the Gibraltar Bankers Association, we are committed to protecting our
community from financial fraud. This guide aims to educate and empower
customers to recognise and avoid common fraudulent activities. By
staying informed, you can help keep your finances secure.
Payment Fraud 🧾
What is Payment Fraud?
Payment fraud involves the illegal use of payment methods to obtain money or goods from individuals or businesses. This can include various scams, such as push payment scams, fake invoices, and fraudulent online purchases.
Common Types of Payment Fraud:
Push Payment Scams:
Fraudsters trick you into transferring money directly from your bank account to theirs. These scams often involve urgent requests for payment.
Fake Invoices:
Scammers send fake invoices or alter genuine ones to redirect payments. Often, these invoices are not questioned and paid promptly.
Online Purchase Scams:
Fraudsters create fake listings on platforms like Facebook Marketplace or third-party ticketing websites to sell non-existent or counterfeit goods.
Investment Scams:
Scammers reach out on social media, suggesting investments in products or schemes that promise high returns. These investments are often fake and result in significant financial loss.
How to Protect Yourself:
Verify Requests
Always double-check any requests for payment, especially if they are urgent or unexpected.
Use Trusted Contacts
Only transfer money to people or organisations you know and trust.
Be Wary of Urgent Requests
Fraudsters often create a sense of urgency to pressure you into acting quickly.
Check Bank Details
Ensure the bank details provided match those of the legitimate recipient.
Use Trusted Contacts
Only transfer money to people or organisations you know and trust.
Be Wary of Urgent Requests
Fraudsters often create a sense of urgency to pressure you into acting quickly.
Check Bank Details
Ensure the bank details provided match those of the legitimate recipient.
Additional Tips for Online Purchases:
Research Sellers:
Before making a purchase, research the seller’s reputation and reviews.
Use Secure Payment Methods:
Opt for secure payment methods that offer buyer protection, such as credit cards or PayPal.
Avoid Public Wi-Fi:
Be cautious when using public Wi-Fi networks for online purchases.
Keep Records:
Keep records of all your online transactions, including receipts and confirmation emails.
What to Do If You Fall Victim to Payment Fraud:
Contact Your Bank
Immediately inform your bank about the fraudulent transaction.
Report to Authorities
Report the incident to the Gibraltar Police and any relevant fraud reporting agencies.
Gather Evidence
Collect all relevant information and evidence related to the fraud, including communication records and transaction details.
Seek Legal Advice
Consider seeking legal advice to understand your rights and potential recourse.
Banking Fraud 🏦
What is Banking Fraud?
Banking fraud involves the illegal use of financial instruments to obtain money from individuals or institutions. This can include cheque fraud, forgery, and identity theft.
How to Protect Yourself:
Monitor Your Accounts
Regularly check your bank statements for any unauthorised transactions.
Use Strong Passwords
Create complex passwords and change them frequently.
Avoid Public Wi-Fi
Be cautious when using public Wi-Fi networks for banking transactions.
Report Suspicious Activity
Immediately report any suspicious activity to your bank.
Impersonation Fraud 🎭
What is Impersonation Fraud?
Impersonation fraud occurs when someone pretends to be a trusted individual or organisation to deceive you into providing personal information or money.
How to Protect Yourself:
Verify Identities
Always verify the identity of the person or organisation contacting you.
Use Official Channels
Only communicate through official and secure channels.
Be Cautious of Unsolicited Calls
Be wary of unsolicited calls or emails asking for personal details.
Avoid Sharing Sensitive Information
Never share personal or financial information over the phone or email unless you are certain of the recipient’s identity.
Card Fraud 💳
What is Card Fraud?
Card fraud involves the unauthorised use of your credit or debit card information to make purchases or withdrawals.
How to Protect Yourself:
Keep Your Card Safe
Always keep your card in a secure place and never share your PIN.
Check Statements
Regularly review your card statements for any unauthorised transactions.
Use Secure Websites
Only make online purchases from secure and reputable websites.
Report Lost or Stolen Cards
Immediately report any lost or stolen cards to your bank.
Fraud Prevention for Businesses 💈
Protecting Your Business from Fraud
Businesses in Gibraltar face various fraud risks. This section provides essential tips to help you safeguard your business.
Common Types of Business Fraud:
Invoice Fraud:
Fraudsters send fake invoices or alter genuine ones to redirect payments. Often, these invoices are not questioned and paid promptly.
CEO Fraud:
Scammers impersonate senior executives to authorise fraudulent payments.
Phishing Attacks:
Fraudsters use emails, texts, or calls to trick employees into revealing sensitive information.
Supplier Fraud:
Scammers pose as legitimate suppliers to defraud businesses.
Best Practices for Businesses:
Implement Strong Internal Controls
- Verify Invoices: Always verify invoices, especially if unexpected or urgent.
- Dual Authorisation: Require dual authorisation for significant financial transactions.
- Regular Audits: Conduct regular internal audits to identify vulnerabilities
Train Your Employees
- Fraud Awareness Training: Educate employees about common fraud tactics.
- Reporting Mechanisms: Establish clear procedures for reporting suspected fraud.
Secure Your Systems
- Cybersecurity Measures: Implement robust cybersecurity measures.
- Data Protection: Ensure sensitive data is encrypted and stored securely.
Verify Suppliers and Partners
- Due Diligence: Conduct thorough due diligence on new suppliers and partners.
- Regular Reviews: Regularly review and update your supplier lists.
What to do if you fall victim to fraud
1
Act quickly- Contact your bank immediately if you suspect that you have become victim of fraud.
2
Report the incident to the Royal Gibraltar Police
3
Gather evidence- collect all relevant information including communication records and transaction
details
4
Understand your rights and consider seeking legal advicedetails
Additional Resources
For more information and resources on fraud prevention, visit the following links:
Gibraltar Financial Services Commission Contact Us
If you have any questions or need further
assistance, please contact
the Gibraltar Bankers Association at info@gba.gi
