As the year draws to a close, bank customers are reminded to stay vigilant of banking fraud and cool down the heat on scams that are on the increase this time of the year.
“Scams which target your bank account are getting increasingly sophisticated and more widespread. Whilst we play our part to ensure that your money is secure, there are additional steps that you can take to keep your security details and consequently your bank balance safe,” FNB Namibia Forensic Manager Ingrid Katjiukua says.
Katjiukua explains that fraudsters are organised and may choose their target and the type of fraud based upon research of your online profile, internet spending habits and/or social media.
“Fraudsters will go to extraordinary lengths to make you believe that they are genuine and often rely on manipulation attics to get you to give them your banking information. They employ various complex strategies to stop you from becoming wise to their tricks, but we can help you identify the different types of fraud and scams” she says.
Katjiukua says despite the dynamic nature of fraud, customers can be better prepared to prevent it if they pay careful attention to the following warning signs:
Always verify and report suspicious transactions
Whatever story is used, there is usually a sense of urgency and persistence about the payment customers are asked to make because the fraudster does not want you to stop, think and verify the transaction. If you are in doubt about a particular payment or suspect you may have been the victim of fraud, get in touch with us right away.
Never disclose sensitive information such as passwords and PINs to anyone
Internet and cellphone banking make banking more convenient and easily accessible. However, customers still need to take precautions to protect themselves against fraudulent transactions by ensuring that they are familiar with our digital platforms.
“Do not under any circumstances reveal your secret access code/ PIN/password or other unique means of personal identification to anyone, and especially not to someone claiming to be from the bank, internet service provider or any other institution without first verifying this information as this can be used to access your electronic banking facility and scam you of your hard-earned money. Change any of these immediately if you believe that someone may know your secret access code/ PIN/password or other unique means of personal identification. Additionally, do not use the browser facility to store your banking password in order to avoid having to enter it each time you transact using Internet banking, as this can make it easier for fraudsters to access” Katjiukua says.
Stay alert when using online marketplaces like Facebook
Scammers use tricks like advertising faulty or counterfeit goods or requesting upfront payments for items or deals like cars, rental properties or puppies that don’t exist. Fake giveaways can lead to people compromising their personal and financial information. Marketplace scams can also turn into physical threats or unsafe in-person encounters when people agree to meet with a scammer in an unknown location.
Beware of phishing and smishing scams
Phishing fraud involves sending fraudulent emails to unsuspecting bank customers to obtain their confidential internet banking access codes and passwords. The email addresses used by the fraudsters often seem genuine, as they imply that the email was sent from a legitimate financial institution. Smishing is also a reality were customers receive sms notifications with what seem to be communication from their bank followed by a call under false pretenses whereby they are manipulated into sharing their PIN or OTP.
Fraudsters phrase the email in an attempt to lure the recipient into providing confidential information on the spot either by replying or by means of clicking on a link to a site that encourages the customer to disclose his/her bank account number, PIN Number and password.
If the recipient responds to such an email by entering or clicks on the link provided in the email, a pop-up window will appear requesting him/her to enter his/her confidential internet banking access details. This window usually appears to be the bank’s legitimate website – but it is not.
“Protecting yourself is not simply limited to your bank card, but also includes being observant and practicing safe banking behaviour all round, online, at ATMS and over the phone. It is important to remember that fraudsters are always looking for ways to scam people so customers must be multiple steps ahead with adequate safety measures to ensure that they are safe from fraud this festive season,” concluded Katjiukua.
