Technology allows one to manage finances and make transactions within seconds using one’s phone. But on the flip side, technology makes it easy for people to fall prey to online banking scams. Scammers typically exploit credit and debit card users or people having payment applications on their phones. So, those using online banking should be wary of such scams and tread with caution. Here are some common online banking scams and how to avoid them. Phishing scams Phishing is when scammers send text messages and emails to individuals, persuading them to share their personal details. Such details may include passwords, account numbers, one-time passwords, etc. With such information, they access one’s email accounts and bank accounts and take away their money. Sometimes, these messages or emails may also ask one to click on a link provided to complete a certain action. The person’s account is hacked the moment this link is opened. So, one should never disclose personal information over text message or email, even if the sender appears genuine. If it seems like a bank-generated message, it is best to call up or visit the nearest bank branch and check with them if they had actually sent such a message. Also, suspicious links should never be opened. It helps to download apps that detect suspicious links and notify users before they can access them. Automatic withdrawals Automatic withdrawals are highly convenient for users, but this technology can be misused by scammers. Typically, one receives a phone call or message, which says that the person has won a prize or is eligible for some discount. It then asks one to confirm their eligibility by reading out or sharing the numbers present at the bottom of one’s check. The scammer transfers this information onto a demand draft and gains access to money from the victim’s account.

Truckers drive thousands of kilometers every month to supply freight across cities and towns, but delayed payments can seriously hamper their productivity. Freight bill factoring takes invoices for the loads that truckers supply and pays them right away, so that they don’t have to wait for their payouts. Though the process is highly effective, frauds relating to freight bill factoring have also become common. So, here are some lesser-known facts about freight bill factoring frauds: Submitting fake invoices Software programs generating invoices may not always have filters to differentiate genuine invoices from fake ones. So, there have been cases where a fake invoice quoting a much higher amount than what is payable has been passed on to invoice factoring companies. Such activities become even more difficult to track if the fake invoice is from a regular client. For this reason, employees in freight bill factoring companies should closely monitor the invoices through a standard process to avoid such illicit activities. Sending invoices before the freight is supplied If truckers send in their invoices before the freight is delivered, there is no guarantee that they will supply the freight to the destination. Invoicing companies should have strict protocols that prevent truckers from sending in paperwork before the freight is delivered to the locations. Checks should be in place to verify that the freight has been supplied. Transactions from fake trucking companies In some cases, the trucking company that sends invoices may not even exist. These invoices are generated by scammers, who pretend to have truckers employed under them. So, invoice processing companies should have HR policies in place to screen trucking companies before onboarding them. To avoid such scams, clients should be asked to submit documentation on the company and individual stakeholders to the invoicing company beforehand. Sending invoices without a proper break-up of values All invoices from trucking companies need to be checked and double-checked before being passed, but this particularly applies to round-figure amounts with no break-ups or details of what freight has been transported to which place.