Since the onset of the COVID-19 pandemic, fraudsters have been taking the opportunity to scam citizens who are eager to make a quick dollar. Customers of the National Commercial Bank, (NCB) are to be on the lookout to protect their assets and not fall for these scams known as account loading.
Dane Nicholson, Manager of Special Investigations at National Commercial Bank, explained that fraudsters create fake social media accounts to imitate finical institutions, by offering loans or salary upload of a certain amount, which would not require any documentation from the customer.
These Instagram pages have as many as ten thousand followers, posting pictures and videos of transfers made; tricking users into thinking the process is legit. One loader explains how it works.
First, they will need your login information to an account that can be empty, and then they request the money. The account holder will be asked to physically withdraw an agreed amount after each transaction before an inside link clears the transaction history ergo the money.
Some fraudsters will go as far as creating accounts for the less tech-savvy NCB customers asking for sensitive information such as a Tax Registration Number, (TRN) and token numbers. However, Nicholson explains that where the money is coming from will leave those who fall for this scam with more debt.
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