Common fraud tactics in Maldives

Common scam tactics

A growing number of Maldivians fall victims to different types of scams every day. Scammers are using different tactics to gain access to your funds.

Impersonating as friends or family on Facebook 

• Scammers send a message via Facebook pretending to be a relative or friend and ask to transfer funds. 

Card fraud

• Card fraud involves someone using your card details to make unauthorised transactions. This is a common type of scam noticed in Maldives.

Compromising email

• Scammers gain access to customers email and reset passwords in order to gain access to internet or mobile banking. Scammers send OTP to email to process transactions.

Spoof SMS or emails

• Scammers send emails claiming to be from the Bank asking to login to verify your username or password. They send phishing email by include links or prompt to open an attachment. Scammers also send SMS with clickable links or redirect to a false page that looks like BML internet banking log in page that can capture your username and password.

Impersonation

• Scammers call victims pretending to be a friend and send funds to your account asking to withdraw funds. These are usually funds received through scamming someone else. Scammers also contact impersonating a BML staff requesting to confirm personal details gaining access to customers personal information such as internet banking username and password or card details.

Sale and purchase of merchandize and services

• Scammers may sell products or services at a price that’s unbelievably low. Once payment is sent, they are unable to reach and you never receive the goods in return.

Foreign currency exchange via social media

• Fraudster post ads on social media, Viber and Telegram groups about USD sales. They trick you into sending money to them and never return USD to you.

Promotional stories in the name of other institutes

• A common type of scam involves selling a too good to be true idea via social media or by calling. Over the past years, a number of people have been scammed by promising housing opportunities.

Online trading

• Scams using online trading platforms are often promoted online and via social media channels. You may initially receive some returns creating an impression that trading is successful but the returns stop and you may face huge financial loss.

Warning signs of scams

Stop and think! Knowing the warning signs can help you stay protected

• Is this offer too good to be true?
• Is the person I’m speaking with genuinely who they say they are? Contact again and make sure it’s the right person.
• Why was I asked to withdraw money out of the blue?
• Does the request sound reasonable?
• Are you being rushed or pressured into making a decision or completing a payment?
• BML will never ask you to share your username, password or ask you to transfer or authorise a payment from your account to a new ‘safe account’.

Unusual behavior

When scammers contact you they may act too friendly and may avoid certain questions. They may use a common name and usually make up a story that seems relevant making you feel like you need to step in and help. When they contact impersonating bank staff they usually act professional and sound like they know a lot of information.

If you stop and think you will know that the conversation is unusual. This is when you should act and never share any details with a third party.

Suspicious links

Always look for suspicious links in emails and SMS. Never click such links as they may be phishing links and even though they may look genuine they are not. If you’re visiting a website, always check the website links properly. Secure sites including Internet Banking will always have a “lock” symbol on the address bar. Never follow links to go to Internet Banking. Scammers can create web pages that look very similar to Internet Banking to lure you into entering your Username and Password.

Too good to be true scenarios

If something seems too good to be true, stop and think! Scammers calling and offering housing opportunities such as apartments were very common. This may be very appealing but always contact the institutes in order to find more information before sharing any personal details.