Fake social media ads used to con COB customers

Bank and credit union customers nationwide are being targeted daily by scammers in what a leading credit union chief is calling a relentless fraud offensive — with fraudsters now exploiting a recent system upgrade to steal personal account details and intercept deposits, Barbados TODAY can reveal. 

 

In their latest bid to obtain personal account information, the fraudsters sought to capitalise on the upgrade of the systems maintenance portal of the City of Bridgetown Co-operative Credit Union (COB) by attempting to impersonate the credit union to redirect customers to a bogus website. 

 

The scam forced the credit union to issue fraud alerts to its 70 000-plus members, COB’s chief executive officer Steve Belle said.  

“We have been made aware of a recent email claiming to be from the City of Bridgetown Co-operative Credit Union Ltd regarding ‘COB System Maintenance Portal’. This email is fraudulent and should be ignored,” the alert said.

 

The credit union also issued a sample of the falsified letter that was being sent to customers.

 

The fake email said: “Dear valued members, please be advised that following the conclusion of the scheduled City of Bridgetown Co-operative Credit Union Ltd after-hours system maintenance, which took place from 11:30 p.m. Saturday, April 11, to 5 a.m., Sunday, April 12, improvements have been implemented to enhance the reliability, security and performance of our service.”  

 

It added: “Members are required to complete a compulsory security profile review, to activate the newly-implemented updates, by visiting the portal below.”

 

The email displayed a link to a bogus website.

 

Belle told Barbados TODAY: “We did an upgrade this weekend to our system. So, in doing the upgrade, you know we would send notices to members because the system would be down. So, during this period the ATM point of sale and so on would be unavailable.” 

 

“So, somebody read it and thought this was an opportunity to get our members to think we were doing an upgrade and we are therefore asking them to send certain information. What has happened is that when you click on that, it would send you to some bogus website where they would see all the information, and use that information to actually access your account.”

 

Asked if people have fallen for these fraudulent offers, Belle replied: “Of course they do. These kinds of frauds happen, and there are some levels of success with them.”

 

He sought to assure members that the credit union was doing everything possible to protect their information and accounts through the installation of adequate security.

 

At the same time, COB is urging customers to be vigilant. Members are advised not to click on any links, download attachments, or provide any personal or banking information. Scammers often use such messages to attempt to steal personal data or access accounts.

 

The credit union’s fraud alert stated: “We are committed to ensuring your safety and security. If you receive any suspicious emails or have concerns about the authenticity of any communication, please contact us directly via telephone at 430-5900 or via email at support@cobcreditunion.com. Thank you for your vigilance and for helping us keep your accounts secure.”

 

Scammers have also turned to an innovative approach to relieving commercial bank customers of their money.

 

CIBC Caribbean is the latest to be targeted.

 

The bank has placed customers on notice of a current scam on social media platforms, where fraudsters are falsely advertising “repossessed” vehicles for sale and requesting deposits or upfront payments to “secure” purchases.

 

“These advertisements are fraudulent and should be ignored,” the bank warned. 

 

“CIBC Caribbean will never advertise or sell repossessed vehicles through social media; will never ask you to deposit funds into personal or third-party accounts for such offers,” it told customers.

 

(EJ)