Amongst the societal and market uncertainty surrounding the Coronavirus pandemic, fraudsters are likely to try and use this to their advantage for quick gains. Past behavior shows fraudsters to be opportunistic and adaptable in their attempts to cheat both people and companies with new fraud schemes.
As our valued clients we would like to remind you that now, more than ever, we must all continue to be aware of fraudsters’ tactics and approach our daily lives, business and investment opportunities with an appropriate level of caution.
Fraudsters may use this opportunity to conduct:
- Investment scams backing products that falsely claim to prevent, detect or cure COVID-19.
- Investment scams with immunity to current market volatility and/or an unrealistic guaranteed return on investment.
- Pressuring companies and individuals to bypass existing fraud checks and due-diligence.
- COVID-19/Coronavirus news, official advice or press releases used as a cover for phishing emails to gain access to personal/company data, emails or IT hardware.
- Preying on goodwill to solicit false donations or assistance for friends, family, associates or fake charities during a time of need.
- Ransomware scams using fake COVID-19/ Coronavirus apps or files as the bait.
- Remember, these scams can take multiple forms such as phishing emails, unsolicited phone calls, text messages, fake websites and even fake social media posts and adverts.
Continue to protect yourself with the following advice:
- Your UBS client advisor will not contact you from a non-UBS email address, even when they are working from home.
- Keep your security identification answers and/or passwords private. Consider the use of a password manager application. UBS will never ask for your password.
- Approach with caution cold callers asking you to invest and do not respond to unsolicited phone calls, emails or letters.
- Internet search results alone do not confirm a company or investment’s legitimacy.
- Only consult known reputable sources for the latest updates on the pandemic. Do not click on advert links.
Push Payment fraud
Fraudsters commonly target individuals, family offices and businesses by tricking them into making payments to a fraudster’s bank account.
- When paying a solicitor, company or individual for the first time, do not rely on emails or SMS text messages to confirm bank details. Verify any new bank details by calling the receiving party on a number you know to be theirs.
- Do not rely on an account name to verify that you are sending money to the correct account. Check the account number and sort code or international equivalent.
For those using digital banking services, further advice on best practices for individuals and businesses can be accessed at: