Social Engineering: How to Protect Yourself from Financial Fraud and Data Theft

Cybercriminals use the devious methods of social engineering to fraudulently obtain sensitive information belonging to other people, for example passwords like the PIN and the contract number for online banking.

Fraudsters come up with various tricks to obtain this data. Criminals manipulate potential victims by exploiting human traits such as a willingness to help, fear or trust. First, they analyze the target’s personal environment online, often making contact through fake profiles on social media platforms. They invent stories under a false identity, for example as bank employees or distant family members. By exchanging messages, they build up a seemingly personal relationship, give compliments or talk about common interests. Sometimes they raise false hopes of huge profits. Or they threaten consequences, such as blocking the affected individual’s card until he or she provides the necessary information or complies with financial demands.

Criminals can make contact with the victims on platforms like Instagram, Facebook, Snapchat, etc. with just a few clicks.

1. Protect your personal data: Share as little personal information online as possible. Be mindful of the content you share on social media and what you “like.” Otherwise, you are leaving behind a lot of traces that can be misused for profiling and confidential approaches.
2. Never disclose bank details: Genuine bank employees and authorities will never ask you for passwords or PINs for accounts and cards.
3. Never allow access to your mobile phone or computer: Do not grant access to your communication devices when you are unexpectedly called to resolve an alleged issue with your device.
4. Never pay in advance: Be suspicious if you are asked online to make an advance payment.
5. Never sign contracts with strangers: Be skeptical when signing contracts with people you do not know personally.
6. Verify contact requests: Only add people to your network who you know and trust.
7. Research plausibility: Compare the conditions of the seemingly lucrative offer with those of banks and financial service providers to identify fake providers.
8. Avoid public Wi-Fi networks: Do not use public Wi-Fi networks for online banking. Your login credentials could be hacked.
9. Check addresses: The only email domain used by UBS is @ubs.com. UBS websites always start with ubs.com/...
10. Report and delete suspicious emails: If in doubt, check the validity of a web address on the Swiss Internet Security Alliance’s website. You can report suspicious emails to UBS. Then delete spam and phishing emails from your inbox.

Vigilance is the best protection against social engineering. To avoid fraud attacks on social networks, it is crucial that you understand the potential dangers and methods by which fraud is committed. If you are scammed on Facebook, Instagram, WhatsApp, etc. you should take action immediately. Change the passwords involved right away and report the incident to your bank. Also inform the authorities, for example using the reporting form of the Federal Office for Cybersecurity.