Sri Lankan banks warn increasing trend of online scams

Sri Lanka Banks' Association, Lankapay, and FinCSIRT have issued a stark warning to the public regarding the surge in financial fraud cases, both globally and within the country. 

In a joint statement, the bodies observed a concerning trend where unsuspecting mobile device users are falling victim to fraudulent schemes disguised as enticing online offers. These scams often involve users inadvertently clicking on unknown links or downloading malicious apps and files, granting scammers complete access to their devices.

Once compromised, fraudsters exploit this access to target bank and payment apps installed on the device, resulting in theft from bank accounts and payment cards. The public is urged to exercise heightened vigilance to avoid falling prey to such scams, which are proliferating through social media platforms, websites, and online messaging services.

To safeguard against these threats, the public is advised to follow a series of precautionary measures, including refraining from clicking on suspicious links, avoiding downloading apps from unknown sources, and utilizing biometric authentication where available. Additionally, users are encouraged to regularly review app permissions, install reputable antivirus software, and remain cautious of messages soliciting personal or financial information.

The statement emphasizes that reported fraud cases are not indicative of any security vulnerabilities within banking/payment apps, which adhere to international security standards. Instead, the focus is on the critical need for users to remain vigilant and adopt proactive measures to protect themselves from financial scams.

In light of these developments, the public is urged to pay close attention to security warnings issued by FinCSIRT, banks, and financial institutions, and to promptly report any suspicious activity. By staying informed and cautious, individuals can mitigate the risk of falling victim to online financial fraud.

“Beware don’t fall prey to financial scams” The report said.