Financial service providers are continually stepping up their efforts to fight fraud with advanced technology, but despite this effort, end users of financial products should actively participate in fraud prevention to make it difficult for criminals.
“The easiest way for consumers and businesses to support fraud prevention is to pay attention to fraud education and updates from service providers,” said Giuseppe Virgillito, head of the bank. digital at FNB.
“Keeping up with the latest scams can be difficult for an end user, so it makes sense to use the tips that financial service providers share regularly. For example, at FNB, we monitor for scams daily and we use digital channels such as the FNB app and online banking to alert our clients on what to watch out for and how to avoid falling victim to a scam. scam.
To help consumers and businesses avoid being scammed, Virgillito shares some of the current scams and tips to protect yourself:
- Lost/Stolen Device: The fraudster sends a message to the victim in order to “help” them locate their recently stolen device. The fraudster usually claims that by clicking on the embedded link provided by the fraudster, the victim will be able to locate the device. If your device is lost or stolen, the first step is to unlink your device from your app, block your bank profile, and contact your bank for assistance.
- Remote access: Beware of random requests to install software on personal or work devices, as this tactic can be used to install malware to gain access to your banking profiles. This is called a “remote access” scam. If you think you are a victim, immediately block your profile and contact your bank.
- SIM exchange: While app-based Smart InContact from banks like FNB helps customers avoid SIM card swaps, some customers still rely on SMS notifications. A SIM card swap occurs when a fraudster transfers your phone number to another service provider in order to control your SMS notifications. This allows them to control notifications such as a One-Time-PIN (OTP) in order to commit fraud. Again, it is essential to remember to use Smart InContact and never share your OTP.
- SMS scam: Fraudsters are sending text messages asking customers to share their banking credentials (username and password) to deactivate their banking profile online or on the app and advising customers to only share them with the “banking consultant” who helps you with cancellations – banks will never ask you to share your bank details with them.
- Social engineering: It is the umbrella term used for a variety of malicious attempts deployed through human interaction to manipulate and trick people into making security mistakes or disclosing sensitive information by working on their emotions. Some of them include vishing and phishing.
- Vishing: This is a type of fraud in which fraudsters pose as employees of a financial institution and try to persuade you to share your personal and banking information over the phone. The rule of thumb is that a reputable financial service provider will never ask you to share information such as your PIN or passwords over the phone or through any other channel. Financial institutions will also never ask a customer to complete a transaction to reverse a transaction. End these calls immediately.
- Phishing: Despite being one of the most common scams out there, many people fall for it. Phishing is when scammers send you a link that directs you to a fake website where you enter your financial or personal information. If you need to visit a financial institution or service provider’s website, type their web address in the URL rather than clicking on links.
- Social media scams: Fraudsters use social media to offer low interest loans or crypto investment opportunities with high returns. They ask for your bank details and use them to scam you. Never share your banking credentials. Use reputable service providers and beware of unsolicited offers.
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