Be savvy not to become victim of banking fraud

The South African Banking Risk Information Centre (Sabric) has shared some of the tactics that criminals use to defraud people during the festive season.

“Just as the festive season sees people relax and become more socially active, criminals utilise this opportunity to exploit human psychology by using malicious social engineering tactics to steal personal or confidential information to defraud people.

“Sabric encourages people to empower themselves by sharing information selectively, and on a need-to-know basis only. This is why we are adding the hashtag #NotSaying to all our messaging, to remind people to not just share any personal information without careful consideration when prompted to do so,” said Susan Potgieter, Sabric acting CEO.

She advised that confidential information includes usernames, passwords, OTPs (One Time PINs), PIN numbers and card security codes.

“Sabric has seen a sharp increase in phishing incidences, where criminals phone bank customers, lead them to believe that they are speaking to the bank or a legitimate service provider and use these social engineering tactics to coerce them into disclosing their confidential banking information. Personal information includes identity documents, driver’s licences, passports, addresses, full card details, including the card security code as well as contact details. The compromise, thereof, creates opportunities for criminals to impersonate bank representatives and either take over the victim’s facilities or apply for credit using their credentials fraudulently.

“This is blatant abuse of a person’s inclination to trust,” continued Potgieter.

She said another scam that criminals are still deploying is to trick people into paying for holiday accommodation that doesn’t exist.

“This scam sees criminals preying on people’s anxiety about booking a last-minute holiday. Victims are lured with what seems to be a really good deal, pay for the holiday in full and are then unable to make further arrangements with the agent who has simply disappeared.

“An offer that seems too good to be true should make you suspicious,” added Potgieter.

Sabric is also cautioning bank clients to be vigilant when withdrawing holiday cash at ATMs.

“Criminals continue to attempt to steal bank cards and PINs by interfering with people while they are carrying out a transaction, and Sabric urges bank clients not to accept assistance from anyone, even if they look well-dressed or seem legitimate. Interference also goes beyond accepting assistance, as it has been noted that scammers use deceitful tactics like telling people that the ATM machine needs to be programmed or serviced immediately after they have inserted their ATM card. Clients must be aware of these tricks and call security if need be,” she advised.