Kathmandu. Nepal Rastra Bank (NRB) has issued an advisory to be cautious of online fraud during the festive season.
The bank issued an advisory today informing about the precautions to be taken to avoid online fraud. The Financial Information Unit of the Rastra Bank has found an increase in the cases of online fraud during the analysis of banking transactions. The Rastra Bank has said that the use of online account creation, digital banking, e-commerce, and digital payments is on the rise during the great festivals of Nepal, Dashain, Tihar, Nepal Sambat and Chhath.
The main objective of this advisory is to provide guidance to general consumers, banks & financial institutions, and online service providers to identify potential risks and avoid such frauds.
Major types of online fraud that can be seen during the festival
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Fake Festival Offers and Lottery
Sending fake links on social networks like Facebook, WhatsApp, Viber, Messenger, etc. saying ‘Dashain Dhamaka’, ‘Tihar-Chhath bumper gift’ or ‘You have won attractive gifts’ and demanding advance amount in the name of service charge or tax.
Phishing and Banking Fraud
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By creating a fake website÷webpage of a bank or digital wallet and stealing passwords, OTPs and personal details for fear of being blocked if the customer’s KYC is not updated.
Fake online shopping page
Advertising heavy discounts by posting pictures of branded goods on social media and demanding advance payment. Fraud customers by blocking them without sending goods after advance payment.
Fake identities and misuse of documents
Conduct criminal activities on social networks by creating a fake account (such as a fake Facebook account) with someone else’s citizenship, photo or forged documents.
Measures to be safe for the general public and consumers
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Keep the OTP and password confidential TAG_CLOSE_span_55: Do not share the OTP, bank account password, or wallet PIN that comes on your mobile with anyone.
Don’t click on TAG_OPEN_span_54 fake links: Do not open suspicious links on social media claiming ‘free recharge’, ‘lottery’ or ‘fake gift’.
Be careful when paying in advance: When buying goods online, use only official and trusted websites. When buying goods from new or unfamiliar social media pages, choose the option of ‘Pay on Delivery’ as much as possible.
Check the authenticity of the URL: Make sure that the web address of the concerned website is correct before making a digital payment .
Suggestions for Banks & Financial Institutions and Digital Service Providers{
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Strong Customer Identification: Describe the identity submitted when you open an account digitally.
Suspicious Address and Details Monitoring: If multiple accounts have been opened using the same address or the same mobile number in different names, a mechanism should be put in place to continuously monitor and monitor the transactions in such accounts during long public holidays.
Use of technology: TAG_CLOSE_span_48 Keep the surveillance system agile to detect suspicious transactions involving large volumes, unusual cash transfers, or sending money to multiple accounts in a short period of time.
Employees and Customer TAG_CLOSE_span_47Awareness: Before the festive season begins, train your frontline employees to identify potential fraud patterns and warn customers via social media and SMS.
Where to contact if there is fraud or suspicious activity?
If you have been involved in any kind of online fraud or suspect that your identity has been misused, immediately inform the concerned bank and financial institution or digital wallet provider’s customer service center (to block your account or wallet immediately), Nepal Police Cyber Bureau, the nearest district police premises or police office.
