The fake notifications create a sense of legitimacy and urgency, urging users to click on links to “learn more”, “see updated charges/fees” or “verify their accounts.”
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TymeBank on Tuesday cautioned consumers about fraudsters using notifications about the VAT increase, which is expected to come into effect on 1 May, as bait to trick you.
“It’s not just banking customers who are being targeted. Anyone who has an account or subscription where VAT is payable, be that a mobile service provider, a retailer, a healthcare service provider or similar, is at risk,” George Wandsella, Head of Operational Risk and Fraud at TymeBank, said.
The bank said that the fake notifications create a sense of legitimacy and urgency, urging users to click on links to “learn more”, “see updated charges/fees” or “verify their accounts.”
These links typically lead to phishing sites created to steal login credentials.
This latest trend highlights the growing threat of opportunistic cybercrime, with fraudsters also taking advantage of certain times in the year, such as holidays and tax filing seasons.
“TymeBank has zero tolerance for fraud and is unwavering in our commitment to protect our customers. We urge them to be cautious, and to stop and think before they click,’’ Wandsella added.
Phishing and vishing are cybercrime tactics where attackers impersonate legitimate institutions, such as banks, in an attempt to trick individuals into revealing personal or financial details, including passwords, card numbers, or one-time passwords (OTPs).
These scams often come via emails, SMSes, or fake websites made to resemble genuine services.
