Job scamming—how N26 protects you

One in every four cyber crime attacks are directed at banks. The fraudsters’ aim is simple: to steal money from customers, or to launder criminally-acquired money. Just like phishing, job scamming is a common method used by cyber criminals all over the world. But what exactly is job scamming and how can you protect yourself against it? Find out the answers here. 

Using fake job ads, so-called job scammers try to lure their victims to fraudulent websites so they can steal their data. Fraudsters need the information to create bank accounts and use them for criminal purposes.

Job scams are posted on job forums, job listings, or mystery shopper and app testing recruitment sites that many of us use—including social networks. You may also receive fake emails or postal mail from fraudsters acting as a recruiter or market research agency.

Cyber criminals need authentic personal information to open a bank account in the name of their victim. Therefore, fraudsters create professional-looking recruitment websites modeled after well-known companies that can look deceptively real. On these sites, applicants are asked to participate in an online recruitment process for which they need to provide personal data and/or submit photos of their ID card. So, while you may believe that you’re applying for a job at N26, they are secretly stealing your private data. 

In the next step, you’ll be asked to participate in a bank's video identification procedure. As justification, fraudsters may claim that they have to carry out an identity verification check with a "partner bank" because a face-to-face interview is not possible. Or, they may advertise a job where you have to “test” a bank’s services, like the quality of their video-identification process which must be kept a secret from the bank at their request. 

Security at N26

Your security is our priority. Arm yourself with our tips to protect yourself online.

Check N26 Guide to Secure Online Banking

If fake job offers and fraudulent websites look like the real thing, how can you tell the difference between them? Luckily, there are ways to detect job scams on the outset. Here are some tips.

• You’re offered a position or job interview without having sent in an application yourself
• You’re asked to wire money or provide information like your account password, credit card number, or PIN
• You’re asked for personal information like your social security number, tax number, driver's license number, or other unnecessary personal information
• The job promises extremely high wages for little work or the salary or job details aren't clear
• You’re told to pay for your job training or for a credit report as part of the application process
• You're asked to cash a check and to transfer some of the money to a third party

If you’re asked to verify your identity or open an N26 bank account in a video call, stay alert! N26 absolutely never verifies anyone’s identity on behalf of job, or works with housing agencies, market research institutes, product testers, or credit brokers on external sites. We only verify customers who want to open an N26 bank account directly with us. If you come across a third party who asks you to open an N26 bank account to verify your identity, it is a fraud attempt.

If you think you’ve fallen for a scam, report it to your local police or prosecutors as soon as possible, and inform your bank immediately, so that your account can be blocked as a preventative measure against further charges.

Preventing fraud is a challenge for all banks and their customers. That’s why we’ve introduced a number of measures to protect you against data theft and keep our bank secure:

N26 works closely with regulatory authorities and complies with both national and international regulatory requirements under the Money Laundering Law. We work with fully compliant partners who are authorized to conduct verification services, train agents and perform quality control tests on our verification processes. We also work with highly regarded service providers in the financial industry who have set a market standard by working with other banks, and regularly collaborate with law enforcement units on fraud.

N26 immediately reports severe suspicious transactions to the German Financial Intelligence Unit (FIU), which then carry out further investigations in cooperation with local law enforcement.

When it comes to customer verification during the opening of accounts, security is our top priority. Therefore, we employ several security levels to ensure your data is safe. Our in-house customer verification teams are regularly trained to meet the latest standards and are equipped with important know-how to identify and handle identity fraud, document tampering, and other scams.

N26 has developed transaction monitoring methods that make our mobile bank secure against fraud. This monitoring is constantly being improved by our expert data scientists and fraud prevention units. In addition, we have a specialized team that enforces programs identifying and managing the risks of N26’s products being used to facilitate fraud. This team also analyses each fraud attempt individually in order to continually improve our security safeguards.

Job scamming isn’t the only online fraud you have to be aware of. On our blog, we regularly keep you informed about typical methods like vishing or smishing and give you practical tips on how to protect yourself and your personal data. Also, read our complete guide to secure online banking for tips on how to keep your information safe.

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