Ways you can protect yourself against online banking fraud
During International Fraud Awareness Week the local community should be made aware of current trends among criminals and how they can protect themselves.
MBOMBELA – According to statistics released by the SAPS, 668 incidences of commercial crimes, which include fraud and the so-called “white collar” crimes, were reported at the Nelspruit Police Station.
The South African Banking Risk Information Centre (SABRIC) reported an upsurge in fraud occurring in 2018, with almost 23 500 cases across all banking platforms, amounting to R262,8 million in gross losses.
Online-related complaints are becoming more prevalent. “While financial services firms are working around the clock to improve security, fraudsters are continuously devising new plans to circumvent the latest safety measures,” Cowyk Fox, the managing executive for Everyday Banking at Absa explained.
The underlying cause for the increase in fraudulent activities is; phishing and vishing scams. Phishing is when fraudsters impersonate a bank via email, by attempting to lure the unsuspecting victim to click on links that redirect them to a fake banking site, in order to obtain their personal information. With vishing, fraudsters’ contact their victims claiming to be from their bank. The request login details from their victims, in order to block fictitious transactions.
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Citizens can take the following precautions to protect themselves:
- Do not access emailed links to your bank’s online portal. Always type the relevant address directly into the Internet browser.
- Ensure that the browser link starts with https, which is an indication that the website allows secure communication through encryption.
- Install the latest version of your bank’s app.
- Keep your login information for online banking platforms in a safe place. Please remember that your bank will never ask you to confirm your confidential information telephonically.
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- If you haven’t been transacting in your personal capacity, do not authorise actions via your app.
- Register for notification services at your bank, to ensure you are up-to-date on your account activities.
- Turn off your Wi-Fi feature, when banking on a public network at Wi-Fi hotspots, as your account can be hacked.
- Choose strong, unique passwords, which includes upper and lower case letters and update them regularly.
