How to avoid getting scammed by fake "Overdraft Payment" emails

What kind of email is "Overdraft Payment"?

After inspecting this "Overdraft Payment" message, we determined that is a phishing email. It is presented as a proposition from an international bank representative, wherein the recipient's account will be used to secure exorbitant funds, and in exchange, they will be able to keep 40% of the money.

This spam mail seeks victims' personally identifiable information, yet it will likely target additional private data or funds directly as the scam progresses.

"Overdraft Payment" email scam overview

The spam email with the subject "Hi" (may vary) claims to be a message from an international bank's representative. The sender seeks the recipient's expertise in handling a completed "Contract Awarded Overdraft Payment" remittance from the represented bank.

The proposal is to transfer the 32 million USD overdraft to the recipient's banking account as an investment fund. The transfer is risk-free to the recipient and their company. Once the transaction is completed, 60% will have to be transferred to an account provided by the sender, and 40% will remain with the recipient as payment for their service.

It must be emphasized that all the claims made by this email are false, and this mail is not associated with any legitimate banks or other entities.

This message asks the recipient to provide their full name, address, and mobile number. The campaign likely has further goals aside from collecting this sensitive information. Scammers may also ask for scans/photos of ID cards or passports, banking account details, credit/debit card numbers, and other private data.

Recipients could be sent links to phishing websites or files, possibly disguised as documents or sign-in pages, targeting accounts like emails, social networking, money transferring, online banking, digital wallets, etc. Additionally, cyber criminals could request to be sent funds directly for legitimate-sounding reasons like paying taxes or transaction fees.

In summary, by trusting an email like "Overdraft Payment" – users can experience severe privacy issues, financial losses, and identity theft. If you have disclosed your personally identifiable or finance-related information to scammers – immediately contact the appropriate authorities.

Phishing spam campaign examples

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The most commonly targeted information includes personally identifiable details, log-in credentials, and finance-related data. However, various scams are facilitated through spam mail. It is also used to distribute all kinds of malware.

While the widely held belief that these emails are poorly written and full of grammatical/spelling mistakes is not untrue, it is not always the case. This mail can be competently put together and even believably disguised as messages from genuine entities (e.g., companies, organizations, institutions, service providers, authorities, etc.).

How do spam campaigns infect computers?

Spam campaigns spread malware through infectious files that can be attached to or linked inside the emails/messages. These files can be archives (RAR, ZIP, etc.), executables (.exe, .run, etc.), documents (PDF, Microsoft Office, Microsoft OneNote, etc.), JavaScript, and so on.

The infection chain is initiated once a virulent file is opened. However, some formats require additional interaction to trigger malware download/installation. For example, Microsoft Office files need users to enable macro commands (i.e., editing/content), while OneNote documents require them to click embedded links or files.

How to avoid installation of malware?

We highly recommend exercising caution within incoming emails, PMs/DMs, SMSes, and other messages. Attachments or links found in suspicious/irrelevant communications must not be opened, as they can be harmful or infectious.

It must be mentioned that malware is not proliferated exclusively via spam mail. Therefore, we advise vigilance when browsing since fraudulent and malicious online content usually appears legitimate and harmless.

Another recommendation is to download only from official and trustworthy channels. Software must be activated and updated using functions/tools provided by genuine developers, as illegal activation ("cracking") tools and third-party updaters may contain malware.

We must stress the importance of having a dependable antivirus installed and kept updated. Security programs must be used to perform regular system scans and to remove detected threats and issues. If you've already opened malicious attachments, we recommend running a scan with Combo Cleaner Antivirus for Windows to automatically eliminate infiltrated malware.

Text presented in the "Overdraft Payment" spam email letter:

Subject: Hi

Good day,

I hope my email meets you in good health, I am writing to you in the capacity of my position in the BHD INTERNATIONAL BANK PANAMA S.A.

I hope to trust your capability and expertise to handle a remittance of a completed Contract Awarded Overdraft Payment left in my bank. I assure you that the transaction is completely 100% risk-free that cannot affect you or your company.

The overdraft is $32,000,000 USD. The fund is to be moved out of my bank and secured in your account as an investment fund. On the accreditation of the fund in your account, 60% will be transferred to an account that I will provide to you, while you keep 40% for your service.

Provide me with your full name, mobile number and address which will be included in the transfer application letter.

Further information will be made known to you upon once I obtain your response.

Kind regards,
Raul Rodriquez

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Quick menu:

• What is "Overdraft Payment" phishing email?
• Types of malicious emails.
• How to spot a malicious email?
• What to do if you fell for an email scam?

Types of malicious emails:

Phishing Emails

Most commonly, cybercriminals use deceptive emails to trick Internet users into giving away their sensitive private information, for example, login information for various online services, email accounts, or online banking information.

Such attacks are called phishing. In a phishing attack, cybercriminals usually send an email message with some popular service logo (for example, Microsoft, DHL, Amazon, Netflix), create urgency (wrong shipping address, expired password, etc.), and place a link which they hope their potential victims will click on.

After clicking the link presented in such email message, victims are redirected to a fake website that looks identical or extremely similar to the original one. Victims are then asked to enter their password, credit card details, or some other information that gets stolen by cybercriminals.

Emails with Malicious Attachments

Another popular attack vector is email spam with malicious attachments that infect users' computers with malware. Malicious attachments usually carry trojans that are capable of stealing passwords, banking information, and other sensitive information.

In such attacks, cybercriminals' main goal is to trick their potential victims into opening an infected email attachment. To achieve this goal, email messages usually talk about recently received invoices, faxes, or voice messages.

If a potential victim falls for the lure and opens the attachment, their computers get infected, and cybercriminals can collect a lot of sensitive information.

While it's a more complicated method to steal personal information (spam filters and antivirus programs usually detect such attempts), if successful, cybercriminals can get a much wider array of data and can collect information for a long period of time.

Sextortion Emails

This is a type of phishing. In this case, users receive an email claiming that a cybercriminal could access the webcam of the potential victim and has a video recording of one's masturbation.

To get rid of the video, victims are asked to pay a ransom (usually using Bitcoin or another cryptocurrency). Nevertheless, all of these claims are false - users who receive such emails should ignore and delete them.

How to spot a malicious email?

While cyber criminals try to make their lure emails look trustworthy, here are some things that you should look for when trying to spot a phishing email:

• Check the sender's ("from") email address: Hover your mouse over the "from" address and check if it's legitimate. For example, if you received an email from Microsoft, be sure to check if the email address is @microsoft.com and not something suspicious like @m1crosoft.com, @microsfot.com, @account-security-noreply.com, etc.
• Check for generic greetings: If the greeting in the email is "Dear user", "Dear @youremail.com", "Dear valued customer", this should raise suspiciousness. Most commonly, companies call you by your name. Lack of this information could signal a phishing attempt.
• Check the links in the email: Hover your mouse over the link presented in the email, if the link that appears seems suspicious, don't click it. For example, if you received an email from Microsoft and the link in the email shows that it will go to firebasestorage.googleapis.com/v0... you shouldn't trust it. It's best not to click any links in the emails but to visit the company website that sent you the email in the first place.
• Don't blindly trust email attachments: Most commonly, legitimate companies will ask you to log in to their website and to view any documents there; if you received an email with an attachment, it's a good idea to scan it with an antivirus application. Infected email attachments are a common attack vector used by cybercriminals.

To minimise the risk of opening phishing and malicious emails we recommend using Combo Cleaner Antivirus for Windows. 

Example of a spam email:

What to do if you fell for an email scam?

• If you clicked on a link in a phishing email and entered your password - be sure to change your password as soon as possible. Usually, cybercriminals collect stolen credentials and then sell them to other groups that use them for malicious purposes. If you change your password in a timely manner, there's a chance that criminals won't have enough time to do any damage.
• If you entered your credit card information - contact your bank as soon as possible and explain the situation. There's a good chance that you will need to cancel your compromised credit card and get a new one.
• If you see any signs of identity theft - you should immediately contact the Federal Trade Commission. This institution will collect information about your situation and create a personal recovery plan.
• If you opened a malicious attachment - your computer is probably infected, you should scan it with a reputable antivirus application. For this purpose, we recommend using  Combo Cleaner Antivirus for Windows.
• Help other Internet users - report phishing emails to Anti-Phishing Working Group, FBI’s Internet Crime Complaint Center, National Fraud Information Center and U.S. Department of Justice.

Frequently Asked Questions (FAQ)

Why did I receive this email?

Spam emails are not personal, even if they include information relevant to the recipients. Cyber criminals send out these messages by the thousand with the hopes that at least some recipients will fall for their scams.

I have provided my personal information when tricked by this spam email, what should I do?

If you have provided personally identifiable or finance-related data to scammers (e.g., ID card details, passport photos/scans, credit/debit card numbers, etc.) – contact the appropriate authorities without delay. And if you've disclosed your log-in credentials – change the passwords of all potentially exposed accounts and inform their official support.

I have read a spam email but didn't open the attachment, is my computer infected?

Reading an email does not pose an infection threat. Devices are infected when malicious attachments or links are opened/clicked.

I have downloaded and opened a file attached to a spam email, is my computer infected?

Whether the device was infected might depend on the format of the opened file. Once opened, executables cause infections almost without fail. However, some formats – like documents – may need additional interaction. In these instances, malware infiltration is triggered after macros are enabled, embedded content is clicked, or other actions are performed.

Will Combo Cleaner remove malware infections present in email attachments?

Combo Cleaner is designed to scan devices and remove all kinds of threats. It can detect and eliminate most of the known malware infections. It must be emphasized that since sophisticated malicious software tends to hide deep within systems – performing a complete system scan is essential.