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Clearing Banks Association warns of recent surge in cyber crime

Concerns about a recent proliferation of cyber crime continue to climb the ladder of awareness for many businesses in The Bahamas, particularly in the banking sector.

The Clearing Banks Association (CBA), in a public notice issued yesterday, said commercial bank customers in The Bahamas have experienced various types of cyber attacks.

“Recently, there has been a surge of activity related to email spoofing, phishing and spam involving the commercial bank customers within The Bahamas,” the notice states.

Royal Bank of Canada previously said it was aware of “ongoing attempts” by cyber criminals to obtain information from the bank’s clients in the form of phishing.

Outside of the banking sector there are other industries facing similar cyber threats.

According to an article by online cyber security news platform Cyberscoop, a “phishing campaign” has impacted hospitality businesses in The Bahamas, U.S., Australia, Ireland, England and Switzerland.

To make consumers more cognizant, the CBA notice provides information on how to mitigate such fraudulent activities.

CBA explained that email spoofing, which appears to be a popular type of cyber attack in The Bahamas, “is the forgery of an email header so that a message appears to have originated from someone or somewhere other than the actual source”.

“Distributors of spam often use spoofing in an attempt to get recipients to open, and possibly even respond to, their solicitations,” the notice states.

“Look at the sender’s email address, not the ‘from’ address displayed in the inbox. You can often identify malicious emails when the two are not consistent.”

Phishing is also a common type of email scam in The Bahamas.

“It’s the practice of sending emails purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers, online,” CBA stated.

Another form of cyber fraud is spam.

CBA explained that spam is, “irrelevant or unsolicited messages sent over the internet, typically to a large number of users, for the purposes of advertising, phishing and spreading malware”.

 

 

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