Familiarise yourself with the different types of online banking fraud.
Security is an essential component of a trouble-free online Banking experience.
As a result, online banking customers need to be more vigilant and familiarise themselves with the different types of online banking fraud.
List of the latest online banking scams to look out for.
Flight purchase debit
You’ll receive an SMS notifying you about a flight purchase that has been debited from your account.
You will then be requested to click on a link in the SMS to reverse the transaction.
Upon clicking on the link, you will be redirected to a fake Bank website.
You will then be redirected to an “update and confirm details” page that will request additional information to be confirmed.
Scammers will then be able to access your banking profile.
Clients should beware of fraudsters who pretend to represent any other financial institution on social media platforms.
Keep in mind your credit or cheque card, account number, online banking login details, password or one time pin (OTP) will never be asked for online.
Be sure to only interact with or respond to verified accounts.
This is indicated by a blue tick.
Change of banking details
Beware of this even though it might appear to be on an official letterhead.
Contact you financial institution on their official number and speak to someone or visit your nearest branch to confirm the change in banking details.
Copy of payment notification
You will receive an email requesting you to open a copy of an attached payment notification.
You will then be prompted to login via the attachment.
Upon opening the attachment you will be redirected to a fake bank website.
In an attempt to steal your banking details, you will be requested to login.
Once you have entered your login details you will be redirected to a logged out screen.
Fraudsters will then be in a position to access your banking profile.
A 419 email
This email makes an offer that would result in a large pay off for the recipient.
Banking details and a large sum of money are usually required in advance to facilitate the payment of funds.
In the end, the promised transfer never occurs and the scammers can use the target’s banking details to withdraw the money.
Vishing and Smishing
Similar to phishing but instead of being lured to a fake website, you will receive a call or SMS from an individual pretending to be from a bank (or other institution).
The individual will get you to disclose your personal information, which can be used to gain access to your online banking accounts.
READ: 7 Ways to improve online banking security
OTP email fraud
Through varied methods of phishing, scammers will try to gain access to your email accounts.
Fake login sites that look like Gmail or Yahoo are produced.
Once criminals gain access to your emails, they will use the information they have obtained to build a social profile of you.
The criminals will, furthermore, be able to intercept OTPs that are sent to you via email.
OTP Sim swap fraud
Once criminals are in possession of your username and password, they will easily be able to access your online banking account, or they can contact your service provide and perform a sim swap to access your SMSes.
Online banking safety tips:
– Never click on the link in emails. Rather type the website address in your browser.
– Be wary of individuals who call and pretend to be from reputable companies. Rather hang up and call the company on their official number to verify the call.
– Use different usernames and passwords and PIN for your banking, email and any other additional online accounts.
– Change you passwords and PIN regularly.
– Make sure you are using the latest version of your banking app.
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