Don’t get caught by fraudsters this festive season

Just as this time of year sees people relax and become more socially active, criminals utilise this opportunity to exploit human psychology by using malicious social engineering tactics to steal personal or confidential information to defraud people.

The South African Banking Risk Information Centre (SABRIC) shares the tactics that criminals are using to defraud people to ensure that they are aware of how to protect their hard-earned cash.

SABRIC acting CEO, Susan Potgieter, told Lowvelder that behaviour from criminals change.

“Criminals continue to manipulate bank clients using malicious social engineering tactics,” she said. “These tactics evolve as criminals identify new opportunities to manipulate people out of their confidential and personal information.

“Although SABRIC continually conducts awareness campaigns using various channels to inform the public about these scams to empower them to protect their money, criminals are always looking for new and novel ways to defraud people.”

SABRIC encourages people to empower themselves by sharing information selectively, and on a need-to-know basis only.
Confidential information includes usernames, passwords, OTPs (one-time PINs), PIN numbers and card security codes.

SABRIC has seen a sharp increase in vishing incidents where criminals phone bank customers, lead them to believe that they are speaking to the bank or a legitimate service provider and use these social engineering tactics to coerce them into disclosing their confidential banking information.

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Personal information includes identity documents, driver’s licenses, passports, addresses, full card details, including the card security code, as well as contact details and the compromise thereof creates opportunities for criminals to impersonate bank representatives and either take over the victim’s facilities or apply for credit using their credentials fraudulently.

“This is blatant abuse of a person’s inclination to trust.” said Potgieter.

Another scam still being deployed is to trick people into paying for holiday accommodation that does not exist. This scam sees criminals preying on people’s anxiety about booking a last-minute holiday.

Victims are lured with what seems to be a really good deal, pay for the holiday in full and are then unable to make further arrangements with the agent who has simply disappeared.

“An offer that seems too good to be true should make you suspicious.” added Potgieter.

SABRIC is also cautioning bank clients to be vigilant when withdrawing holiday cash at ATMs, as criminals continue to attempt to steal bank cards and PINs by interfering with people while they are carrying out a transaction.

People are urged not to accept assistance from anyone, even if they look well-dressed or seem legitimate, and not to carry large amounts of cash, and rather find safer ways to transact, such as cellphone banking or internet transfers.

Criminals know that people get their bonuses and that stokvels pay out at this time.

To further protect yourself this Festive Season remember #NotSaying and visit sabric.co.za.

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