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By Citizen Reporter

Journalist


Easy ways to foil online fraudsters

A credit scam is gaining momentum where fraudsters are offering high-value loans.


While cybercrime in SA has increased gradually over recent years, research suggests digital financial fraud may see a sudden surge of up to 80% this year, as more consumers and businesses turn to online interaction amid the Covid-19 crisis.

Preventing and minimising the risk of fraud has never been more important, according to Balraj Dev, chief risk officer at RCS, a subsidiary of BNP Paribas Personal Finance. Most common are digital crime and card fraud.

“Online banking, banking apps and mobile banking are the most common platforms… Card fraud, on the other hand, usually happens when credit or debit cards are compromised through account takeovers, counterfeiting, false applications, lost or stolen cards, or when cards are not received or issued,” says Dev.

Some simple precautions can protect consumers.

“When using a bank card at an ATM or bank, never disclose your PIN or password to anyone claiming to help you. Once your transaction is complete and you have cash in hand, be cautious of anyone attempting to distract you.

“Finally, avoid using handheld devices immediately prior to, or after using an ATM – this is an opportunity for fraudsters to use card skimming devices or to swap your card without you even realising it.”

When it comes to online banking, Dev says consumers need to be even more vigilant.

“In addition to only using registered banking apps, consumers should educate themselves on how phishing and vishing scams are typically presented so as not to be caught out.”

A credit scam is gaining momentum where fraudsters are offering high-value loans.

“In order to secure the loan, victims must pay an upfront fee of R10,000 or more.” A reputable credit provider will never ask for an upfront payment to secure a loan, Dev says.

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