20 December 2024
One essential component of the modern banking experience is online banking. Nowadays, almost every account has a username, password, and PIN associated with it, and an increasing number of transactions occur online rather than at a teller’s window. Unfortunately, with all security measures in place, hackers and scammers still manage to obtain your online banking credentials in deceptive ways, regardless of how vigilant you are.
Because of its benefits, mainly its convenience, online banking has become popular and is here to stay. In the modern world, a username and password are essential for banking, shopping, and making payments. This can be a lot to process, particularly during the festive season when con artists always develop new ways to exploit shoppers. In this blog, UASA its members and all consumers to be vigilant and protect themselves from banking fraud by being aware of:
Phone Scams (Vishing)
When scammers call regarding transactions or account problems, they pose as bank employees. They may claim they can validate account information or reverse fraudulent transactions or debit orders. Remember that a respectable bank will never call you and request your passwords, PINs, or OTPs. Your banking software can only be downloaded from the official app store. For added security, connect your app to biometric verification so that only you can access your bank app.
Social Media Scams
Scammers use social media to pretend to be bank staff. They send victims direct messages and ask for private information, such as your bank account details. Don’t trust caller ID software, and never give your card information to anyone by email or phone. For your safety, save your bank provider’s official call centre number to your phone and only use this to discuss your bank account queries; never engage with anyone about your sensitive banking information on social media.
Online Shopping
Shop only on the store’s secure, official websites; if in doubt, download the official retailer app and make your purchases there. When purchasing online, use virtual cards and avoid dubious social media promotions. If you suspect fraud, you must temporarily deactivate your virtual card immediately. Don’t disclose your credit card information on unsecured websites.
Holiday Booking Scams
If a deal seems too good to be true, it probably is. Avoid using social media to look for hotels and accommodation because it’s simple for con artists to impersonate credible businesses and steal people’s money. Use trustworthy travel websites when searching for vacation destinations, and verify the business’s legitimacy before paying.
Be careful when using your personal information and card information to shop online. When shopping online, many security risks linger around you, and only you can stop scammers from tricking you into giving them access. UASA encourages its members and all consumers to be vigilant and exercise caution when shopping online to be sure not to fall into scams. Don’t fall into scams while trying to save money, as you will only lose way more money than anticipated.
Ref: www.tymebank.co.za www.uasa.org.za