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Be free from cybercrime this festive season

As the holiday shopping season approaches, FNB's Chris Boxall shares safety tips to protect finances against the threat of online fraudsters.

FNB’s head of card transact, industry, and fraud detection Chris Boxall shares safety tips to help you protect your money against fraudsters lurking online this season.

• Don’t panic:

Fraudsters rely on people acting hastily due to a sense of panic. Their tactics include threats that your accounts will be blocked or that fraud has been identified and must be stopped immediately. Whatever the scenario, keep in mind that such things will never compel you to give away OTPs, PINs, or passwords. It is safer to end such communication and contact your bank immediately.

Also read: Learn about social media cyberthreats

• Do not click on email or SMS links:

Proceed with caution when opening emails from unknown or suspicious sources. Credible financial institutions will never ask you to click on links. Doing so, or downloading attachments from these kinds of messages, should be avoided as they may include harmful malware or redirect you to fake websites.

• Pay careful attention to the wording of OTP requests:

The wording for an online transaction OTP request is different from that of a digital wallet OTP request. Don’t rush or make assumptions about communications you might receive. An authentic OTP SMS for online transactions with FNB will always inform the customer that they are about to make an online purchase of a stipulated amount. It will include the last four digits of the card, followed by the confirmation OTP number. Conversely, an authentic digital wallet OTP notification from FNB will always warn the customer that they are attempting to link a specific card (indicating the last four digits of the card) to a specific wallet. It will also inform the customer to call 0870 30 30 30 or log into the FNB app to complete or cancel the action.

Also read: Become a cyber-savvy parent and stop cyberbullies

• Enable two-factor authentication (2FA):

Enable 2FA wherever possible, as it adds an extra layer of security by requiring a second verification step, which is often transmitted to your mobile device or an authenticator app, such as the banking app for FNB customers.

• Take note of the card and digital safety measures recommended by your financial institution:

There is a lot of misleading information about how to protect oneself from fraud, but it is always preferable to follow your financial institution’s recommendations on how to secure your money.

• Keep software and devices up to date:

Regularly update your operating system, web browsers, and antivirus software to guard against vulnerabilities. To ensure that you receive the latest security fixes, enable automatic updates whenever possible.

• Verify contact details:

If you are suspicious of a message or request, contact your bank using details directly from their website to avoid being redirected to the fraudster’s ‘help line.’

• Use safer and more convenient ways to pay:

To limit the risk of fraud when shopping online, choose the safest payment methods. Avoid using Instant EFT payments that require you to expose sensitive information to third-party providers to complete a payment.

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