The Rise in Banking Scams is Rapidly Increasing

The banking industry is at risk. With technological advances, scammers have more opportunities than ever to steal your money.

It’s no secret that the banking industry is under constant attack from cybercriminals. This increase in attacks can be attributed to several factors, including the growing sophistication of cyber criminals and the increasing use of email and social media as attack vectors. 

To combat this threat, many banks are turning to cyber threat intelligence (CTI) and dark web monitoring solutions. CTI provides real-time insights into the latest information and data collected by a company and evaluates the risks faced by any threat actors. Meanwhile, dark web monitoring solutions allow banks to monitor if and company and customers’ personal data has been compromised.  

By leveraging these tools, banks can better protect themselves against the ever-growing cyber threat landscape.

What are the Most Common Banking Scams in 2022?

Whatsapp Scam

WhatsApp scam is on rising because of the popularity of the app. In this scam, fraudsters create a clone of WhatsApp and send it to users via email or social media. Once installed, the app will collect your personal information, such as your contacts and messages.

This scam starts with a message on WhatsApp that appears to be from your bank. The message will usually say that there is a problem with your account and you need to click on a link to fix it.

If you click on the link, it will take you to a fake website that looks like your bank’s login page. Once you enter your login details, the scammers will have access to your account and can steal your money.

Banks are facing many challenges in the fight against WhatsApp scams and urge their customers not to click on any links sent via WhatsApp.

Cash Machine Scams

Bankers are seeing a new scam in which criminals are installing devices on cash machines that capture card information and pin codes. This type of scam is known as “skimming.”

Skimming devices can be placed on the front or back of an ATM, and they are often difficult to spot. Once installed, these devices can collect data from hundreds of cards before they are discovered.

A cash machine scam is especially prevalent during the holiday season, as people are more likely to use cash machines during this time. Banks are urging customers to be vigilant when using ATMs and to report any suspicious devices that they may find.

Bank Insider Fraud

Bank insider fraud is a type of scam in which an employee of a bank or other financial institution steals customer information and uses it to commit fraud. This type of scam can be difficult to detect, as the perpetrator often has legitimate access to the stolen information.

Sometimes, bank insiders may even sell customer information to third parties, who can then use it to commit fraud. This type of scam is becoming more common as the number of people with access to sensitive information increases.


Scams are constantly developing, and banks are struggling to keep up since those establishments and their customers are becoming prime targets for fraudulent activity. 

As a result, it is important for consumers and bankers to be aware of the risks and take steps to protect themselves. By knowing the dangers of these types of fraud and how they appear, by detecting them sooner rather than later, it will help protect the data of both the banks and their customers.

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