‘Phishing’ website targets Bank of Maldives mobile banking customers

The Bank of Maldives (BML) has issued a statement warning that fraudsters have created a false BML website to deceive the company’s mobile banking service customers, obtaining their bank account number, credit card number and its security code through the fraudulent website.

The fraudsters were inviting BML customers to their fraudulent website under the “bankofmaldives.net” domain by sending text messages, claiming it was a registration website for the BML mobile banking service.

This fraud is of course ‘phishing’ and is relatively common in the Western world. Many banks advaice their customers to never access their website by clicking a link in an email. Technology analyst group Gartner estimate that 3.6 million adults fell victim to such scams in the 12 months ending August 2007, losing US$3.2 billion in the process.

Since then phishing attacks have become markedly more targeted and refined, with the emergence of ‘spear-phishing’, with individual and high-value targets such as corporate account executives being targeted.

BML has warned that if any of its customers filled this registration form displayed in the fraud website, the fraudsters will be able to take advantage of them and misuse the information.

The statement said that the mobile banking was a service provided by BML “with high security and confidentiality.”

However, it is the responsibility of the customers to keep confidential information such as their card number, expiration date, pin number and security code, account number, internet banking user ID and its security and password, said the statement.

The BML said the most common method fraudsters used was to obtain information to misuse credit cards and debit cards after obtaining the data by sending emails from sources trusted by the victim, linked to fraudulent sources.

The fraudulent website is designed to appear just like the legitimate website.

BML warned customers to never use a link to access the bank’s website, and recommended its address www.bankofmaldives.com.mv be typed directly into the browser.

Filipino workers in Switzerland hit by money scam

Filipinos in Canton Vaud and surrounding areas in Switzerland are angry over the money they lost through a remittance firm in Geneva.

The Filipino Community in Canton Geneva & Vaud have registered complaints against a local money remittance firm, which, they said, has defrauded overseas Filipino workers since it opened office in Geneva in 2009.

The firm reportedly entices Filipino workers through SMS by offering a higher money exchange rate for their remittances. However, the remittances were never made. The scam continues because many victims are undocumented Filipinos who are reluctant to file complaints with the authorities.

“Many of their clients are undocumented OFWs, and some are also their friends who chose not to make a complaint,” said Raymund-Michael Flores, founder the local Filipino community organization.

In a statement dated August 11, 2010 by “Erica” of Florissant, Geneva, she claimed that she sent 13,500 Swiss Francs last October 22, 2009 through the firm.

Erica said only P20,000 was forwarded to her account 3 months after she sent the money.

“I thought of cancelling my transaction (but) they keep on promising that it will be returned in no time,” said Erica. The group forwarded Erica’s letter to ABS-CBN Europe News Bureau.

The local Filipino community organization claimed that the frim has not only victimized Filipino workers in Switzerland, but also in the Philippines.

8 million Filipinos now use mobile banking

Over eight million Filipinos are now using mobile banking services in the country, which the central bank says would boost more efficient financial services in rural and other hard-to-reach areas at relatively lower costs.

Central bank Deputy Governor Nestor Espenilla Jr. said there are now 49 rural banks offering mobile banking from none before 2005.

These eight million users use the electronic money (e-money) services of major telecommunications companies Smart Communications and Globe Telecom, which offer Smart Money and G-Cash, respectively, BSP said.

These allow mobile subscribers, particularly those without bank accounts, to deposit, transfer, and withdraw money from one e-money account to another in the telecom company's business centers nationwide.

Espenilla noted that the Philippines has been recognized by international organizations for its microfinance initiatives and is considered as the leading pioneer in mobile banking solutions for the poor.

Some banks even lowered interest rates on microfinance loans for clients who use text-a-payment platform by 50 basis points on monthly rates, Espenilla added.

"Technology extends outreach of microfinance and banking services to a large number of bankable but un-banked especially those in rural and hard to reach areas at lower costs and higher efficiency," he said.

He explained that the mobile phone industry in the Philippines serves all income groups especially low income groups and more than 75 percent of the population have mobile phones.

Electronic transactions, which involve the payment of purchased goods and services, could also be used for remittances from Filipinos abroad, Espenilla noted.

“The amount of e-money transactions is already huge, and we expect it to grow further," the BSP official added.

The BSP said it has ordered firms offering e-money services to register with the central bank as an electronic money issuer (EMI).

These could include banks, non-bank financial institutions, and money transfer agents. Those qualified as EMI include stock corporations with a minimum paid-up capital of P100 million. E-money is also not considered a bank deposit and is not covered by the deposit insurance provided by the Philippine Deposit Insurance Corp. (PDIC).

The guidelines also limit the maximum amount that can be loaded to any e-money instrument to P100,000 a month.