Video ID fraud: How to protect yourself from financial losses

Video ID fraud: How to protect yourself from financial losses

According to a report from www.bild.de,

Video Ident is a common online procedure that is used in various account processes. Unfortunately, scammers have started exploiting this process. According to the consumer advice center (VZ), they persuade users to take part in video identification procedures in order to get their money. The fraudsters tell the victims that video identification is necessary for the further procedure with a bank and use various reasons to convince them. In reality, the fraudsters use this basis to apply for a loan from a bank or to set up a personal account that they cannot access. In most known cases, the fraudsters ensure that those affected quickly transfer the money to an alleged account on the trading platform. The victims not only lose this money, but also have to pay back a five-figure loan.

The VZ also describes another case in which the fraudsters made contact via a dating platform and lured the victims by participating in an alleged test of the video identification process on behalf of banks. Here, too, it ended with a large loan that was supposed to be transferred to an account newly set up in her name, but which the person concerned was unable to access.

It is important to protect yourself from this scam. This includes not letting people or companies persuade you to do a video identification process with predetermined answers, being careful if you are told a product for which you should do the video identification process during the process, and being careful if someone tries to convince you to create an account whose purpose is unclear.

This scam has an impact not only on victims losing their money and having to repay a loan, but also on trust in online identity verification methods. It is important that consumers are aware of this scam and take the appropriate steps to protect themselves from it.