In today's digital landscape, staying alert against scams, fraud, and phishing is paramount. At Jamboo, we're committed to protecting our customers from the prevalent threat of fraud. Here’s how to recognize fraud, protect yourself, and what steps to take if you suspect you've been targeted.
What is Fraud?
Fraud involves the unauthorized use of your financial information to steal money or assets. Examples include using stolen card details or accessing your bank account without permission. Regularly monitoring your accounts and promptly reporting any suspicious activity is essential. Fraud is therefore unauthorized use of your financial details without your consent
A scam, or authorized fraud, deceives you into making payments or sharing personal information. Scammers often impersonate trustworthy entities or offer deals that seem too good to be true. Scam is deceptive tactics used by scammers to trick you into providing personal information or authorizing a payment.
Scammers use various tactics to deceive you. Some of the things to be aware of include but not limited to the following:
Inconsistent Stories: Changing or conflicting information.
Urgent Requests: Pressure to act immediately or maintain secrecy.
Suspicious Links or Communications: Unfamiliar emails, texts, or links.
Below is a list of some of the common types of fraud;
Account Takeover: Unauthorized access to your account to misuse your information.
Invoice Misdirection: Manipulation of legitimate invoices to redirect payments.
Deep fakes: AI-generated videos or audios to impersonate trusted individuals.
Identity Fraud: Using your identity for unauthorized access.
For more information around other types of fraud please visit Action Fraud on https://www.actionfraud.police.uk/
APP fraud is when criminals trick you or use persuasion to get you to transfer money to another account. Below is a list of some of the common types;
Investment Scams: High returns with minimal effort promises.
Rental Scams: Fake landlords requesting upfront fees or deposits.
Online Shopping Scams: Non-existent low-priced products on social media.
Phishing Scams: Legitimate-looking emails or messages aiming to steal your information.
Smishing and Vishing: Deceptive SMS messages or voice calls including but not limited to parcel force or other delivery firms.
Prize or Payment Traps: Claims of winning a prize that requires payment.
Fake Tech Support: Unsolicited calls or pop-ups about device issues.
Impersonation Scams: Scammers posing as officials or family members.
Pretending to be HMRC – Asking for money or personal details by phone, text or email usually concerning unpaid tax or a tax rebate. Note that HRMC will never contact you by text or email rather they will only send you a letter.
Pretending to be a person of authority- Pretending to be police or your electricity company or your landlord asking for money urgently to avoid legal action.
A ‘money mule’ is a person who lets someone else use their bank account to transfer money. The bank account holder may keep a portion of this money for themselves.
If you are involved in this type of activity, it can lead to you facing criminal charges because of your involvement, whether you knew you were part of the process or not.
You can be scammed into taking part, which commonly works by the fraudster first obtaining money illegally. To hide the source of the money from authorities, the fraudster will want to move the money through your account.
The fraudster will gain your trust and ask if they can transfer you money, before asking you to send the money back to them. If you do this, you would be taking part in the criminal act of money laundering.
To ensure you don't become a money mule make sure you:
You can learn more on https://www.nationalcrimeagency.gov.uk/moneymuling
If you feel you’ve been contacted by a fraudster, follow these steps to best protect yourself:
Monitor Your Transactions: Regularly review account statements.
Report Fraud: Contact Jamboo through in-app support or customer support.
If you suspect you've been scammed, report the incident to:
Contact Jamboo customer support on support@jamboo.app .
Action Fraud: The UK’s national fraud and cybercrime reporting center on https://www.actionfraud.police.uk/ or 0300 123 2040.
Victim Support UK: Provides free and confidential help to crime victims on https://www.victimsupport.org.uk/.
Stop Scams UK: Offers resources and assistance for dealing with fraud on https://stopscamsuk.org.uk/.
Real-time Fraud Detection: After you open an account with us, we continuously monitor your account and we will flag high-risk transactions (transactions that are beyond our set limits) are flagged immediately.
Customizable Security Settings: Control settings for contactless payments and online shopping. Secure your account with strong passwords by setting up a secure passcode or use biometric and use of 2FA when login.
Secure Communications: Jamboo communicates only through official in-app chat support.
© Jamboo Ltd 2024
Jamboo Limited is a financial technology institution registered as a private limited company in the United Kingdom (Company Registration Number 14541056). Our principal place of business is located at 307 Euston Road, London, NW1 3AD.We are a co-brand of Payload Limited, who act as a Programme Manager under Transact Payments Limited (TPL).Payment accounts and related payment services are provided by Transact Payments Limited, a payments and electronic money institution authorised and regulated by the Gibraltar Financial Services Commission (GFSC) to offer payment and electronic money services in Gibraltar and the United Kingdom. Registered office: 6.20 World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA. Incorporation number 108217.Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme, your funds will be held in one or more segregated accounts and safeguarded in line with Part 4 of the Financial Services (Electronic Money) Regulations 2020.
