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Protecting Consumers from Financial Scams and Frauds

Report

16 June 2026

Annex B. Glossary of conduct and tactics of financial fraudsters and scammers

Copy link to Annex B. Glossary of conduct and tactics of financial fraudsters and scammers

This annex provides a glossary of different conducts and tactics of financial fraudsters, as provided by respondents via the Questionnaire.

Definition	Source
"Two threat-based scam categories: 1. Threats to life, arrest or other - involves scammers demanding that victims pay money they supposedly owe, for example for a tax bill or because they have committed a crime, and threats against them if they do not co-operate, 2. Ransomware and Malware - involves a scammer placing harmful software onto a victim’s computer."	Australia
CAFC uses the category “extortion”. This covers any person who unlawfully obtains money, property or services from a person, entity, or institution, through coercion.	Canada

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Scammers impersonate genuine charities and ask for donations. These scams are particularly prolific after public tragedies such as natural disasters and other events	Australia

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Scams in which fraudsters build fake romantic relationships online to exploit emotional vulnerability and manipulate victims into sending money, gifts, or personal data.	Latvia
People are contacted through dating apps, scammers build up trust and then propose to invest in a fake product.	France
CAFC has a romance category but is in the process of changing this to “Relationship Fraud”. This covers situations where any individual with false romantic intentions towards a victim gains their affection and trust, thereby gaining access the victim’s money, bank account, and credit cards. In some cases, fraudsters convince the victims (usually unknowingly) to commit fraud on their behalf.	Canada
Match-making Introduction Scam： Fraudsters advertise introductions to potential partners and charge membership or guarantee fees but never arrange real meetings or services.	Japan
Scammers take advantage of people looking for love by pretending to be prospective partners, often via dating websites, apps or social media. They play on emotional triggers to get victims	Australia
Romance scam by deceiving a victim into a relationship and then asking for money transfers	Thailand

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Fraudsters will claim that an upfront fee is required in advance of issuing credit to the consumer, usually noted as PPI/ Government fee/ admin costs.	Ireland
Advance-fee Loan Scam: Advertising “easy same-day loans,” perpetrators obtain an up-front “guarantee” or “processing” fee but never provide the promised loan.	Japan
CONDUSEF has identified the following modus operandi: the scammer offers a loan with no requirements and immediate disbursement. They may request an upfront payment and banking information in order to release the funds. Once the payment is made, the scammer disappears with both the money and the victims’ personal and banking information	Mexico
Debt settlement or debt relief scams prey on individuals facing financial distress by offering quick fixes that sound too good to be true.	Republic of Moldova
Fraudulent loan scheme with low / no interest rate, but requiring payment in advance	Thailand

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Identity theft is fraud that involves using someone else’s personal information to steal money or gain other benefits	Australia
Phishing/Smishing/Vishing or attempts to obtain personal information, such as user IDs, passwords, Personal Identification Numbers (PINs), and other sensitive data by impersonating an authorised person or organisation through electronic mail (email) or other electronic media. This causes the victim’s personal data (including sensitive data) to be used without their knowledge for account takeover (account hijacking). When this act is carried out via SMS, it is called Smishing, and when done by directly contacting the victim by phone, it is called Vishing.	Indonesia
CONDUSEF identifies six types of complaints that help detect possible identity theft: Credit not recognised in the credit history Credit, TDC or account granted without being requested or authorised by the User, customer and/or partner Cash withdrawal at teller and/or branch not recognised by the User, customer and/or partner The User, customer and/or partner does not acknowledge having entered into a contract with the Institution (credit or deposit) Dissatisfaction with the charging of products or services not contracted by the User, customer and/or partner Credit card issued without request. By the end of 2024, banks had received 2,172 complaints related to this issue.	Mexico
This falls under the general category of “Phishing” since fraudsters use illegally obtained information that either results to unauthorised transactions or account takeover. The scammers usually accessed or stole personal/account information through emails, texts, calls and fake QR codes.	Philippines

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Investment scammers offer a range of fake financial opportunities and the promise of high returns with low risk. These may include fake initial stock or coin offerings, brokerage services or an investment in expensive software or online trading platforms. These scammers often use smooth-talking, glossy brochures and professional-looking websites to lure victims.	Australia
Any false, deceptive, misleading or fraudulent solicitation for investments opportunities, often offering higher than normal or true monetary returns in which consumers lose most or all of their money that is supposedly invested.	Canada
Entities cloning the details of legitimate investment firms/ ICAVs/ Sub funds; Fake comparison Investment sites harvest user data; Prospectus scams involve criminals seeking to sell fictitious financial products through falsified prospectus documents – or in reliance upon genuine prospectuses with funds channelled to the fraudsters; Recycled scams – increase in existing scams reinventing themselves with the use of new email domains and new targeted individuals/ new offerings	Ireland
Investment-product Scam: Victims are coaxed into buying worthless unlisted shares, precious metals or other “high-return” products on the basis of false information, losing the purchase price.	Japan
Fraud schemes where consumers are promised high returns on fake investment opportunities, often involving unlicensed platforms, Ponzi schemes, or misleading cryptocurrency offers.	Latvia
Investment scams, including crypto-asset scams, are fraudulent schemes that trick individuals into investing their money in fake or non-existent financial products or assets.	Republic of Moldova

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Jobs and employment scams trick victims into handing over money or personal information to scammers while applying for a new job. Some iterations of this scam will offer a ‘guaranteed’ way to make fast money or a high-paying job for little effort.	Australia
Any false, deceptive or misleading solicitation offering employment. The solicitation often requests an advance fee to secure the job or to obtain the materials to perform the job or any job offer involving money transfer or wiring funds related to cashing monetary instruments	Canada
Job scam requiring payment / money transferring for extra income opportunity	Thailand

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Online shopping/classified scams - involve scammers pretending to be legitimate online sellers, by using a fake website or setting up a fake profile on a genuine website or social media platform. Classified scams - Scammers use online and paper-based classifieds and auction sites to advertise popular products for sale at cheap prices. They will ask for payment up front and often claim to be overseas.	Australia
Any false, deceptive, or misleading promotion of or solicitations for services. These solicitations involve third parties that commonly make offers for telecommunications, internet, finance, medical and energy services. Additionally, this category may include but is not limited to offers such as extended warranties, insurance and sales services, the non-delivery of goods purchased through classified ads over the internet, online auction sites, through a catalogue or by mail order. If a product is received, it is of inferior value, quality or it is not as advertised.	Canada
False Billing / Invoice Scam： Victims receive e-mails, social media messages or screen pop-ups demanding payment of non-existent fees (unpaid subscription, virus removal, etc.) and are threatened with legal action unless they pay promptly.	Japan
This is also known as ‘merchant fraud’ and falls under the general category of “Scams”. Considering that scams are criminal in nature, consumers are advised to report to law enforcement agencies and the appropriate regulator – in this case the Philippine Department of Trade and Industry which exercises authority over merchants.	Philippines

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Any fraudulent solicitation claiming to be your financial institution advising of fraudulent charges on your account. Requests are made to help bait/ catch the fraudsters or to move your money to keep it safe.	Canada
Scammers frequently impersonate authorised players to be trustful.	France
Entities cloning the details of legitimate financial service providers and purporting to offer banking services/ Investment services etc.	Ireland
Bank-account Deception Scam： Offenders pose as police officers, bank association staff or local-government officials, claiming the victim’s account is being misused. They collect the cash-card and PIN under the pretext of “card replacement” or “refund processing,” then empty the account.	Japan
CONDUSEF has a communication process aimed at the general public to inform about financial institutions or financial service providers that are formally registered with this Commission and have reported cases of identity impersonation. Once these entities submit documentation proving their registration and identity, CONDUSEF issues a press release periodically publishing the number of institutions that have reported such incidents. This release is disseminated through the Commission’s official website and social media channels. In 2025, identity impersonation cases were reported for 29 institutions. Social media posts related to these alerts reached a total of 335,667 views.	Mexico
Only if they are impostering FMA, financial advisers or other financial service providers.	New Zealand
This falls under the general category of “Phishing” since fraudsters use illegally obtained information that either results to unauthorised transactions or account takeover. The scammers usually accessed or stole personal/account information through emails, texts, calls and fake QR codes.	Philippines
Scammers posing as banks, financial advisers, or other financial services providers are a significant threat in the financial world. These fraudsters typically use deception and impersonation to manipulate individuals into providing sensitive information, transferring funds, or making investments that are part of the scam.	Republic of Moldova
AI tools are being used to convince customers to make fraudulent transactions under duress.	South Africa

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Fraud where individuals impersonate government agencies or officials (e.g. tax authorities or welfare offices) to deceive victims into making payments or disclosing sensitive information.	Latvia
Refund Scam： Scammers claim the victim is owed a refund of taxes, insurance or medical fees and instruct them often by phone at an ATM to “complete the procedure,” which actually transfers money to the fraudster’s account.	Japan

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
SIM swap or SIM hijack is actions by a third party who unlawfully takes over or obtains access to the victim’s mobile phone through various means, such as guiding the victim over the phone to provide personal data, including the activation code for a new SIM card and/or visiting a cellular operator’s service outlet.	Indonesia
CONDUSEF has identified the following modus operandi: The phone may be disconnected from service due to SIM card cloning, allowing the fraudster to access the victim’s accounts. This way, they receive verification codes and can steal both personal information and money. According to the questionnaire applied to users claiming possible fraud, in 2024, 15.2% were related to this type of fraud.	Mexico

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Skimming is the installation and/or use of a skimmer device on a payment system terminal (ATM/EDC) to capture data from the victim’s ATM/debit/credit card, which is then used to illegally clone the ATM/debit/credit card (counterfeiting card) without the cardholder’s knowledge.	Indonesia
Cash-card Swap Theft： Impersonating authority figures, fraudsters ask the victim to prepare their bank card for “security measures,” surreptitiously swap it with a dummy and immediately withdraw funds.	Japan
Fraudsters install devices at ATMs or point-of-sale terminals to clone cards. Once they obtain the data, they carry out unauthorised purchases or withdrawals.	Mexico

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Phishing: - Phishing scams trick victims into giving out personal information such as bank account numbers, passwords, credit card numbers and superannuation details. A common form of phishing involves the impersonation of trusted organisations such as banks, telecommunications providers or government departments.	Australia
There has been a growing trend in phishing attacks to unlawfully acquire user credentials such as IDs and passwords, which are then used to conduct unauthorised fund transfers and other malicious actions	Japan
Scams that use deceptive messages, calls, or texts to manipulate victims into revealing sensitive personal or financial information (e.g. passwords, PINs, ID numbers).	Latvia
Tricking consumers to provide personally identifiable information is a common tactic used in phishing, vishing, and smishing scams. These scams are designed to deceive individuals into disclosing sensitive data such as passwords, Social Security numbers, credit card details, or other personal data.	Republic of Moldova

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Unexpected prize, competition and lottery scams work by asking you to pay a fee or a tax so you can claim your prize or winnings.	Australia
"Prize scams: fraudsters contact you to tell you that you've won, or have a chance at winning, a prize or lottery. This communication occurs through: •	Canada
Scams where victims are told they have won a prize, inheritance, or lottery—often without entering any contest—and are asked to pay fees or provide personal information to claim the fictitious winnings.	Latvia
Unexpected Money Scams, such as lottery scams, are a type of fraud in which scammers deceive victims into believing they have won a prize, lottery, or inheritance, only to exploit them for money or personal information.	Republic of Moldova

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025

Definition	Source
Emergency: An urgent request for funds for immediate support, typically from a family member or friend. Spear Phishing Fraud: A fraudulent solicitation claiming to be from a source (e.g. existing client, account holder, supplier or company executive) known to a business to convince them to send them money. Recovery fraud: any fraud that targets a previous victim with claims to get their lost money back	Canada
Ads or spam invite people to buy “sure-fire betting tips”; registration or information fees are collected but no genuine service is delivered. ““it’s-me” Impersonation Scam: A caller pretends to be a relative or close acquaintance in urgent trouble (“It’s me!”) and persuades the victim—often an elderly parent—to hand over or wire large sums of cash	Japan
Physical manipulation of an ATM machine (including but not limited to placing a criminal device inside the card entry slot) that causes the victim’s ATM card to be retained in the ATM card entry slot). Account/App Takeover (fraudster gains unauthorised access to a user’s online account or mobile application, often by stealing login credentials such as usernames and passwords. Once they take control, the fraudster can perform unauthorised transactions, change account details, or use the account for fraudulent activities without the account owner’s knowledge or consent).	Indonesia
The fraudster promotes an app that allegedly offers financial, consumer, or investment products or services. Through social media ads, direct messages, or false recommendations, the victim is encouraged to download the app from an unofficial source. Once installed, the app may request personal and banking data or simulate legitimate navigation to trick the user into making payments or deposits. In reality, the app provides no actual service—its sole purpose is to steal information or money. The fraudster sends an email that appears to come from a well-known financial institution or company. The message warns the recipient that their account may be blocked and urges them to click on a link to prevent it. When the victim clicks, they are redirected to a fake website where their personal or banking information is stolen.	Mexico

Source: OECD Questionnaire on Protecting Consumers from Financial Scams and Frauds 2025