BUSINESS NEWS - “Fraudsters use websites or emails to trick you into giving out your personal or banking information. It’s important to stay up to date with the latest fraud trends so you can protect yourself. Never click on an Internet Banking sign link in an email or SMS,” says Carolina Reddy Head: Business Risk and Cybercrime at Standard Bank.
Luckily, there are plenty of ways to ensure that you steer clear of such scams and they rely solely on you being vigilant.
Reddy has outlined various ways in which a cybercrime can be prevented when it comes to banking. Below is a list of the most common online scams and how you can prevent them from happening to you.
This is a method used by cybercriminals to try and get your personal and banking details, such as your ID number, bank account number and credit/debit card number. They send emails impersonating companies or individuals asking you to click on a link directing you to a ‘spoofed’ website, which is a site designed to fool you into thinking that it is a legitimate website requesting you to verify your details, which the cyber-criminal uses to conduct fraud.
Scammers call you impersonating the bank asking you for personal information and your one-time pin (OTP) to stop fraud on your account, meantime they are using this information to process fraudulent transactions against your card/bank accounts.
Change of Banking Detail Scams
This scam occurs when an unsuspecting individual receives notification that one of their suppliers has changed their banking details. The notification may come in the form of a telephone call, an email or a posted letter and will include the details of the new account, asking you to update your records. As a result, any future payments will be diverted into the fraudster’s account.
There are some general habits you can adopt to protect your personal and banking information online:
- Don’t click on suspicious links and delete the email immediately.
- Never share your one-time pin with anyone (including the bank).
- If you suspect you have been compromised, contact your bank immediately.
- Keep your personal information secure and ensure you have set up privacy settings on your social media accounts.
- Contact the supplier directly to confirm if the bank account details have changed before making any payments.
- Don’t use the same email address for your banking profile that you use for your social media accounts.
- Use strong passwords that are difficult to socially engineer.
- Do not log onto your digital banking on public WiFi.
- Do not allow anyone to access your computer remotely. Someone from your bank will never ask you for Remote Access Control to update your information.
- Be wary of spoofed websites which claim to be the legitimate website of an organisation and is set up to mimic the original website.
Says Reddy: “Consumers have embraced digital solutions in the last year and this has brought about unprecedented convenience and functionality. However, it has also meant that consumers have had to learn the safe habits of banking in the digital age. Consumers who are increasingly banking on digital channels should be aware of digital hygiene factors when banking as cybercriminals are likely to increase their activities as the adoption of digital channels increases.”
Be cyber wise and stay alert, scammers are more prevalent than ever at this time. If you believe you have been scammed contact your bank immediately to ensure that you either recover your money speedily or prevent the scammers from taking what is yours. Stay alert and be WalletWise.
“It is important to remove emotion when working online. Be measured and responsible when it comes to managing your online profile and if you think you have been compromised contact your bank immediately,” Reddy concludes.