On this article titled “How hackers use fake bank alert to put small businesses at risk” you will learn alot of things, just read to the end. Flash Funds commonly called “Fake Bank Alert” has been a mysterious method of fraud that scammers use to ruin small businesses in Nigeria.

How Fake Bank (Flash Funds) Alert Puts Small Businesses At Risk Of Bankruptcy

Ibi Abdulrasheed Absalom, a businessman who has a shop at Jimeta International Market, Yola, Adamawa State Nigeria, was a victim of a fake bank alert on 17th September , 2022.

During an interview with InflowPost Fraud prevention reporter, he narrated how someone purchased beds and other bedroom appliances worth N482,000 and received a bank credit transfer alert but he didn’t know it was fake.

“I only realized I had been duped when I went to the bank to withdraw the money; I didn’t believe it at first because I was certain I had received an alert, but after further clarification by the bank staff, everything became clear to me,” he said.

Recently, 28-year-old Joshua Ibrahim was arrested for generating fake bank alerts to defraud Point of Sale (POS) terminal operators and business owners.

According to the suspect, these fake alerts were used to buy goods worth millions from unsuspecting individuals, and these dubious alerts were done by an application on his phone.

Fake credit alerts, one of the growing ways fraudsters now dupe business owners, have become a menace in many parts of the country. For established and budding entrepreneurs,

the phenomenon is proving to be a threat posing a danger to their investments. Many PoS operators have become victims of the act in recent times. Here are what to know about fake bank alerts.

A fake bank alert, also known as ‘Flash funds’, has become a major source of concern to bank customers, and involves the use of SMS messages disguised as a transaction alert from a bank to defraud unsuspecting victims.

The fraudsters involved only need your phone number or account number to carry out their operations; without that information, it is impossible for them to send you fake messages only if they’re not using Advanced malicious applications used for fraudulent activities, when you eventually figure out what they’ve done, it would be impossible to track them.

The reason is that they have a dedicated SIM card; they figure out the same format your bank uses to send you credit or debit alerts and then copy and send to you.

Not applicable to those using advanced application for flash funds because they only need your bank account details

However, these fake bank alerts don’t just happen as there are certain apps used by these criminals as already highlighted on above paragraphs. These apps include Flash Fund apps such as Offrakle, Hokiya, Bogjan and the rest of them that we are yet to discover.

Offrakle is also used by hackers to withdraw money from credit debit cards without authorization or any form of authentication from card holders, all they need is your card details.

Heads Up!

While you that is reading this is being wary of fake Bank alert perpetrators also be wary of operators of POS (point of sale) when they collect your card or when they are operating the POS Machine some of them copy your card details and use it later to sweep your account clean!

For you to avoid falling victim to these attacks, you should always look out for the following whenever you receive an alert.

1: Check your emails

Check your email that is linked to your bank – the one that is registered with your bank. If you don’t have an email for bank alerts, then you can open one and link it to your account to help you clear your doubts about the financial transaction that took place.

2: Balance will not be credited.

To find out whether the alert you received is fake or real, you need to look closely at your credit information.

This can be done using your bank USSD code or mobile banking app; you can also check your account balance through internet banking or an automated teller machine. A fake bank alert will never reflect in your account balance or statement.

Suggestion: use mobile banking app to check your account available balance

3: Check the credit alert you received if it contains your available balance

Fake bank alerts will not contain your available balance; so you can easily detect the fake alert if your account balance does not reflect along with transfer payments done by your customers/buyers.

Last but not the least

Avoid clicking unnecessary links when you are browsing or using social media, social media has become the biggest place for scams nowadays so be watchful of it.

Kindly note that all these checkpoints for you to check doesn’t work for those scammers or hackers using offrakle or Hokiya, offrakle is a cloud based software as well Hokiya, Hokiya is an Android and windows app so it is more advanced than you think.

How To Avoid Becoming Fake Bank Alert Victim

Best way to do your business and avoid risk of loosing money or putting your small business at the risk of bankruptcy is for you to not “Collect Bank Transfer!” If they say they want to transfer tell them you don’t accept bank transfer, they should pay cash or pay using POS (point of sale) machine.

I hope this article is helpful? Leave a comment below, tell us what you think also share your experience with us and don’t forget to share this post to help others stay safe!