Recent research conducted by African Bank about what is troubling their customers most has revealed that they are just as worried about becoming a victim of fraud as they are concerned about their personal financial issues.
During these difficult economic conditions, George Roussos, Chief Operations Officer of African Bank, says the last thing embattled customers need to worry about is a fraud but unfortunately as the coronavirus has spread, so has opportunistic fraud. “We have seen that as people transitioned to work-from-home environments as well as continued to transact digitally, they have increasingly become more exposed to fraudsters and cybersecurity threats.”
Phishing and other online banking scams are a real issue facing financial institutions and the public. He explains that phishing is when criminals use a form of electronic communication to try and extract sensitive information like usernames, passwords and credit card details. “No financial institution or individual is immune. Phishing is one of the leading contributors of fraud,” he says.
Roussos says unsuspecting customers honestly believe they are speaking to a credible source from their bank or another trusted institution and disclose sensitive information, often under the pretence of a ‘security protocol’. Once a criminal has a mobile banking pin or password, a fraudulent sim swop is conducted on the cell phone number and that allows the criminals to transact as if they were the real account holder.
“Although most people are aware of the scams and would not normally give out important information, the problem is these fraudsters are so believable that many people still fall victim to their scheme and then are not even aware that they have been scammed until it is too late.”
He says it is vital to check bank statements regularly and to have limits on accounts. Roussos also strongly recommends that all banking customers read the terms and conditions as well as the security protocols in place before agreeing to any online or mobile banking. “Speak to the bank and make sure you understand what security protocols are in place to protect your money.”
When shopping online he recommends using only reputable companies who have robust security and authentication policies in place to avoid being scammed. “During lockdown, online purchases have increased and this makes customers vulnerable. We anticipate that the online shopping trend will continue with the recent extension of level 3 Lock Down by President Cyril Ramaphosa. You may want to even consider opening a second bank account or transactional pocket or wallet for online transactions and keep only a minimum balance in the account topping it up when funds are needed.”
Keep these tips top of mind:
- Don’t click on links or icons in unsolicited emails. Do not even reply to these emails. Delete them immediately.
- Make sure the anti-malware and anti-virus software on your computer is operating and up to date.
- Type in the URL for your bank in the internet browser if you need to access your bank’s website. Check that you are on the real site before using any personal information. If you think that you might have been compromised, contact your bank immediately. Create complicated passwords that are not easy to decipher and change them often.
- It may be worth considering protecting your passwords using any one of the public and freely available password managers.
- Never carry unnecessary personal information in your wallet or purse and never access your banking site on a public WiFi network.
- Don’t give out any personal details if someone phones you. A bank will never phone you to ask for your pin or account details. Always keep your online banking login details confidential.
“If you do get caught and believe your information has been compromised, change your internet banking credentials immediately and advise the bank accordingly,” concludes Roussos.
