Fraudsters may contact individuals and businesses by email, telephone, text message, social media, messaging applications or through fake websites. They may pretend to represent Guru Pay, another financial institution, a public authority, a business partner, a company executive or a potential employer, etc.
Their aim may be to obtain your security credentials, gain access to your device or account, persuade you to make a payment, or use your account to receive and transfer criminal funds.
Fraud can affect anyone. Fraudsters often appear professional, use information available online and create convincing documents, websites or stories. Stop and verify before acting on any unexpected request.
Common fraud and scam techniques
Phishing and fake websites
Fraudsters may send emails or text messages containing links to websites that closely resemble a legitimate financial institution, public authority or service provider.
The website may ask you to enter your username, password, card information, One-Time Password or other security details. Information entered on such a website may be passed directly to the fraudster.
Fraudulent websites may also appear in internet search results or online advertisements. Always check the complete website address before entering any information.
Impersonation scams
A fraudster may pretend to be:
- a Guru Pay representative;
- an employee of another financial institution;
- a police officer or public authority representative;
- a supplier or business partner;
- your company’s director or senior employee;
- a family member or trusted person.
The caller or message may appear to come from a genuine telephone number or email address. Do not rely solely on the displayed caller ID, sender name or company logo as proof that the communication is genuine.
Investment scams
Fraudsters may present themselves as investment advisers, brokers or cryptocurrency specialists and offer an investment with unusually high, quick or guaranteed returns.
They may:
- contact you unexpectedly;
- use aggressive sales techniques;
- describe the offer as confidential or available only for a limited time;
- direct you to a professional-looking but fraudulent investment platform;
- show fabricated profits or account balances;
- ask you to install software or share your screen;
- encourage you to borrow money to invest;
- request repeated payments for taxes, fees or account activation;
- refuse or delay withdrawal of your supposed investment.
After the victim has lost the money, the same or another fraudster may offer to recover it in exchange for an additional payment. This is often another scam.
Do not invest based solely on an unsolicited telephone call, online advertisement or social media message. Verify independently whether the company and the person offering the investment are authorizsed to provide such services.
Invoice and payment redirection fraud
Fraudsters may send a false invoice or alter a genuine invoice by replacing the beneficiary’s bank account details.
They may also gain access to a supplier’s or employee’s email account and monitor genuine correspondence before sending new payment instructions at a convincing point in the conversation.
Treat the following as warning signs:
- an unexpected change of IBAN or beneficiary;
- a request to use a different account than previously;
- unusual wording or formatting in a familiar email;
- a request to ignore established payment procedures;
- pressure to make the payment urgently;
- instructions to keep the payment confidential.
Verify any new or amended payment details directly with the business partner using contact information that you already know to be genuine. Do not use the telephone number or email address contained only in the message requesting the change.
CEO and business email compromise fraud
A fraudster may impersonate a company director, manager or other senior employee and ask a member of staff to make an urgent or confidential payment.
The fraudster may have researched the organizsation, its employees, current projects, or business partners using publicly available information. In some cases, the message may be sent from a compromised genuine email account.
Employees should not bypass normal approval, verification or dual-control procedures because a request appears to come from a senior person.
Remote access scams
A fraudster may ask you to install an application, share your screen or allow remote access to your computer or mobile device.
The software may be described as necessary to:
- protect your account;
- stop a suspicious payment;
- complete an investment;
- verify your identity;
- receive technical support;
- recover lost funds.
In reality, it may allow the fraudster to see your information, control your device or initiate payments.
Do not install software or provide remote access at the request of an unknown or unverified person.
Advance-fee, loan, prize and inheritance scams
You may be told that you have been approved for a loan, won a prize, received an inheritance or are entitled to a large payment.
Before receiving the promised funds, you are asked to pay an advance fee for insurance, legal costs, taxes, administration, account activation or another supposed expense.
An unexpected promise of money combined with a request for an upfront payment is a strong indication of fraud.
Romance and relationship scams
Fraudsters may create false identities on social media or dating platforms and spend considerable time building trust.
They may later request money for travel, medical treatment, an emergency, business difficulties or another personal reason. They may also request personal information or intimate material that can later be used for manipulation or blackmail.
Be cautious when a person you have not met asks for money, account access or financial assistance.
Money mule risks
A money mule is a person or business that receives, transfers, withdraws, exchanges or converts funds on behalf of another person. The funds may originate from fraud, scams, money laundering or other criminal activity.
Money mule recruitment may be disguised as:
- employment or a work-from-home opportunity;
- payment processing or financial agent work;
- an opportunity to earn commission;
- assistance to a friend, partner or online contact;
- cryptocurrency trading;
- receiving payments on behalf of a foreign business;
- testing a payment service.
Warning signs include:
- being asked to receive money into your account and forward it elsewhere;
- being allowed to keep part of the funds as payment;
- being asked to withdraw funds in cash or convert them into cryptocurrency;
- being asked to open an account for another person;
- being asked to provide your account, payment card, device or login credentials;
- being asked to describe a payment inaccurately;
- being told not to disclose the arrangement to Guru Pay;
- receiving funds from unknown persons followed by urgent instructions to transfer them.
Never allow another person to access or control your Guru Pay account. Do not receive or forward funds when you do not fully understand their origin, purpose and intended recipient.
Even where a person did not organizse the original fraud, acting as a money mule may result in financial loss, account restrictions or closure, claims from fraud victims and investigation by law enforcement authorities.
How to keep your Guru Pay account safe
Use only official Guru Pay communication channels
Check any communication claiming to come from Guru Pay. Pay particular attention to:
- the complete sender email address;
- spelling and grammar;
- unexpected attachments or links;
- unusual formatting;
- requests that differ from normal communication;
- pressure to act immediately.
Guru Pay uses SMS only for sending One-Time Passwords. Guru Pay will not send an SMS link asking you to log in, verify your account or update your information.
Keep your security information private
Never disclose your:
- password;
- One-Time Password;
- verification code;
- full login credentials;
- account access information.
Guru Pay will never ask you to disclose your password or One-Time Password, or instruct you to transfer your funds to a supposedly safe, secure or temporary account.
Review every approval request
Before approving a login, payment or other action, carefully read the information shown on your device.
Check that:
- you initiated the action;
- the amount is correct;
- the beneficiary is correct;
- the purpose of the approval is clear;
- any displayed security or control codes match.
Do not approve an action simply because another person is instructing you to do so by telephone or message.
Use a strong and unique password
Your Guru Pay password should be difficult to guess and different from passwords used for other services.
Use a combination of uppercase and lowercase letters, numbers and symbols. Change your password immediately if you believe it may have been disclosed or compromised.
Verify payment instructions independently
Before making a payment to a new beneficiary or following a change in payment details:
- contact the beneficiary using a trusted and previously known communication channel;
- confirm the beneficiary name and IBAN;
- compare the request with previous invoices and correspondence;
- follow your organizsation’s normal approval procedures;
- investigate any unexplained urgency, secrecy or process change.
Protect your devices
Keep your operating system, internet browser and security software updated.
Avoid accessing your Guru Pay account through public computers or unsecured Wi-Fi networks. Do not save your password on a shared device, and always log out fully after use.
Do not install unknown software, share your screen or permit remote access at another person’s request.
Review your account activity
Regularly check your transactions, beneficiaries and account information. Report any activity that you do not recognizse.
Pay particular attention to:
- unexpected payments;
- newly added beneficiaries;
- changes to account information;
- login or verification messages you did not initiate;
- small test payments followed by larger transactions.
General warning signs
A communication or payment request may be fraudulent where it involves:
- pressure to act immediately;
- instructions to keep the matter secret;
- threats that your account will be blocked or funds will be lost;
- a request to bypass usual procedures;
- an unexpected change in beneficiary or IBAN;
- promises of guaranteed or unusually high returns;
- requests for advance fees;
- requests to install software or provide remote access;
- requests for passwords or One-Time Passwords;
- payments to private individuals that do not match the stated purpose;
- multiple payments required to release, recover or withdraw funds;
- instructions to receive and forward money;
- a story that becomes more complicated each time you ask for evidence.
A single warning sign does not necessarily prove fraud. However, it is a reason to stop and independently verify the request before proceeding.
What to do if you suspect fraud
If you believe that you have encountered fraud or disclosed account information:
- Stop communicating with the suspected fraudster.
- Do not make any further payments.
- Do not pay anyone who promises to recover the lost funds for an advance fee.
- Change your password if it may have been compromised.
- Remove any remote access software installed at the fraudster’s request.
- Contact Guru Pay immediately at [email protected] including “URGENT – suspected fraud” in subject matter.
- Provide all relevant information, including payment details, messages, email addresses, telephone numbers, documents and screenshots.
- Report the incident to the police or another competent authority where appropriate.
Report suspected fraud as soon as possible. Guru Pay will review reported cases as soon as possible and may contact you for additional information. Where possible, Guru Pay may attempt to stop, recall or recover the payment, but recovery cannot be guaranteed.
Guru Pay periodically reviews and updates this information to reflect emerging fraud techniques, scam trends and changes in the methods used by fraudsters.