What senior citizens can do to keep their money safe from cyber criminals

As South Africa continues to observe cyber security month, it is opportune for every citizen to refresh their knowledge on ways to protect both their information and money against cyber criminals.

While cyber security awareness is vital for all in society, it is important to acknowledge that senior citizens often falls victim to fraudulent attempts.

According to FNB digital banking’s Giuseppe Virgillito while the growing use of technology has been a game-changer in terms of efficiencies that save money and time, the new era requires people to stay up to date and to always be cautious about sharing personal and banking information.

“Managing one’s money is a collective effort between the customer and a bank, however, criminals are aware that banks continue to make substantial investment in security systems, therefore, they predominantly target elderly customers when attempting to defraud.

“Often, the victims are senior customers who either welcome unsolicited help or those who are unfortunately unaware of modus operandi.”

Virgillito says banking customers should not only be vigilant when using physical environments such as ATMs, but they should also exercise heightened caution when using virtual or digital platforms like a banking app, online banking and cellphone banking.

Tips for elderly:

– Secure your password and PIN. It is in the best interest of the users to memorise their banking password or card PIN. Avoid sharing passwords with anyone (including family) or saving it on pieces or paper, notebook, email or text.

– Check your bank statements regularly. Check your bank statement at least once a week or every other day to account for all transactions, big or small.

– Beware of phishing, tricksters, and mimics. Scammers often pretend to be someone you may trust, like a banking official, an insurance agent or even a job provider. They may try to persuade you into revealing sensitive information like an OTP (One Time PIN – used to approve a financial transactions) or you login credentials. Don’t give out any card details, email addresses and other personal details to unknown persons. Avoid responding to such texts, phone calls or emails.

– Report lost cards, devices or suspicious account activity immediately. If your debit card or credit card is lost or stolen, immediately contact your bank and ask them to block the card.

– Protect your information. If you are contacted by a legitimate bank representative, know that they will never ask you for your password, PINs or OTPs. If you get suspicious of a call, rather end the call and contact the bank using your regular point of contact.

“We [FNB] remain committed to protecting customers against fraud. We also encourage them to make sure that they take the proper precautions to ensure that their bank cards and information are safe,” says Virgillito.

“We also implore all our customers to please help educate senior citizens in their immediate circles about the above, whether it be grandparents, elderly parents or any close friends of the family. Just as customers wouldn’t leave their cash lying around, their bank card and information should equally be as safeguarded.”

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