As the holiday season approaches, cybercriminals will spend more time and money online since they know that individuals will be collecting their year-end bonuses.
As a result, fraudsters will be ready and eager to take advantage of the inadequacies of banking clients. Digital crimes are frequently committed by misleading the user of a product rather than by hacking it.
Here are a few tips to avoid being scammed:
Protect your phone with biometrics or a password
One way to protect a device from hackers is to use a pattern, numeric code, lengthy password, fingerprint, or face ID. Most importantly, banking customers must become informed of the security precautions they should take if they believe they are victims of cybercrime.
Use a long, strong password
A further line of defence against thieves is to choose a strong password that is between six and 18 characters long and contains letters, numbers, and symbols. Additionally, make sure the password you choose is not simple to guess or obvious to people who know you. Another strong deterrent for cybercriminals is regular password changes. Always keep your password confidential.
Beware from falling victim to a scam
Never give out personal information over the phone, don’t click on dodgy links in SMS messages or social media posts, pay attention to the caller’s doubtful language, and be aware of threats and pressing requests.
Most of the time, online cybercriminals will make out that they are contacting from your bank to report unusual activity on your account. Your email address, physical address, and a copy of your identification will then be requested as confirmation of your bank account information. This knowledge enables them to engage in identity theft.
Set up two-factor authentication for your banking accounts
If fraudsters obtain your login information and passwords as a result of a data breach, this safety feature aids in preventing unauthorised access to your accounts.
A message for authentication is frequently delivered to a secondary device connected to the primary account.
Examples include a verification PIN that you will receive through SMS or an in-app notification that you must open on a reliable smartphone.
All in all, these include contacting your bank’s fraud line and reporting the incident right away to the South African Police Service (SAPS).
Source: Capitec warns of December rise in banking scams – what to look out for (no date). Available at: https://businesstech.co.za/news/banking/649805/capitec-warns-of-these-banking-scams-in-south-africa/ (Accessed: December 12, 2022).
