Bank fraud: tips to avoid being a victim

Phishing is the use of a fraudulent e-mail, which appears legitimate.

• Digital crime incidents increased by 33% in 2020 compared to 2019, according to 2020 crime statistics released by the SA Banking Risk Information Center.
• Social engineering remains the primary method used by criminals to target victims.
• Debit card fraud generated 520.5 million rand in losses in 2020, an increase of 26.5% from 2019.

With crooks taking advantage of consumers shopping online and working from home during the pandemic, digital crime incidents increased 33% in 2020 compared to 2019, according to 2020 crime statistics released by the SA Banking Risk Information Center (Sabric) this week.

Gross losses due to fraud on debit cards issued by South Africa, for example, amounted to R520.5 million in 2020, an increase of 26.5% from 2019.

Social engineering remains the primary method used by criminals to target victims. It involves the use of deception to manipulate an individual to provide confidential or personal information. Personal information includes identity documents, driver’s licenses, passports, addresses and contact details, among others.

Phishing is the use of a fraudulent, seemingly legitimate e-mail to attempt to obtain personal information, including passwords and card numbers. Vishing is the use of fraudulent phone calls or text messages for the same purpose, such as trying to obtain one-time passwords.

In order to prevent bank fraud, SABRIC offers the following advice:

Personal informations

When destroying personal information, tear it up or burn it – don’t tear it up or put it in a garbage or recycling bag.

Never share your confidential information, including your usernames, passwords and PIN codes with anyone.

Don’t carry unnecessary personal information in your wallet or purse.

Avoid sharing or having common social media accounts and be careful what you share on social media.

Banking

Make sure your PIN and passwords are not visible when you enter them.

Check your account statements regularly and immediately question disputed transactions with your bank.

When shopping online, only place orders with your card on a secure website.

Sign up for SMS notifications to alert you when products and accounts are viewed.

Create complicated passwords that are not easy to crack and change them often.

Do not use internet cafes or unsecured terminals (hotels, conference centers) to carry out your banking transactions.

Phishing and vishing

Do not send e-mails mentioning your card number and its expiration date.

Do not click on links or icons in unsolicited emails. Do not respond to these emails. Remove them immediately.

Banks will never ask you to confirm your confidential information over the phone.

If you receive an OTP on your phone without completing a transaction yourself, it was likely caused by a scammer using your personal information. Do not provide the OTP over the phone to anyone. Contact your bank immediately to alert them to the possibility that your information has been compromised.

If you lose mobile connectivity under circumstances where you are usually logged in, check to see if you haven’t been the victim of a SIM swap.