Banking fraud scheme causes 40 million peso loss

Authorities have issued an alert regarding a banking fraud scheme involving fake prizes that has reportedly caused losses of approximately 40 million pesos. The scam utilizes social engineering techniques to manipulate victims through phone calls.

Criminals pose as representatives of legitimate companies or institutions, informing individuals they have won a prize, promotion, or exclusive benefit. Once trust is established, the perpetrators request sensitive personal and financial information, such as card numbers, passwords, security codes, or SMS codes, under the guise of verifying identity or processing the reward.

With this stolen data, the network performs unauthorized withdrawals and transfers. Experts advise that no legitimate prize requires the disclosure of confidential banking information over the phone and urge citizens not to share PINs or security codes.