Be vigilant about boiler room fraud
- Products and services
On Friday night, Dutch television programme Meldpunt aired an episode on so-called boiler room fraud. Read on to find out more about this form of cybercrime.
What is boiler room fraud?
Boiler room fraud is a scam in which clients are swindled into knowingly or unknowinglytransferring money to a criminal under the pretext of a good investment.
Boiler room fraud is not the same type of crime as phishing. The victim is the one who makes the payment to the scammer, whether they do so knowingly or not, or under a false pretext. If a client submits a payment order and the fraud detection systems don’t detect possible fraud, the bank must execute the payment order.
Vigilance
Banks don’t compensate losses incurred from this form of fraud, as they often do for phishing. We stress the importance of vigilance. You can help prevent fraud by checking your credits and debits regularly and by being vigilant if you’re requested to make a quickfinancial decision. Here are some things you can do:
Read the tips about secure Internet Banking and safe Mobile Banking by clicking on the above link
Regularly check your registered devices. Go to your Mobile Banking app and go to ‘Setting > App > Registered Devices’
Keep your debit card limit as low as possible
Make sure nobody can see you enter your PIN code: use the fingerprint feature
Set up payment alerts and get a heads up whenever your balance changes