SABRIC’s best money protection tips

With banking crime incidents showing an increase according to the South African Banking Risk Information Centre’s (SABRIC) annual crime stats for 2020, be your money’s best protection by following these tips:

1. Tips to prevent Card Not Present (CNP) Fraud:
• Personal information includes identity documents, driver’s licences, passports, addresses and contact details amongst others. Always protect your personal information by sharing it very selectively and on a need-to-know basis only.
• Never share your confidential information which includes usernames, passwords, and PINs with anyone.
• Review your account statements on a timely basis, query disputed transactions with your bank immediately.
• When shopping online, only place orders with your card on a secure website.
• Register for 3D Secure.
• Implement dual authentication for all accounts and products, especially for financial services products.
• Do not send emails that quote your card number and expiry date.
• Do not use your information if you suspect it may have been compromised. Rather use other personal information that you have not used previously to confirm your identity in future.
• Register for SMS notifications to alert you when products and accounts are accessed.
• Conduct regular credit checks to verify whether someone has applied for credit using your personal information and if so, advise the credit grantor immediately.
• Investigate and register for credit-related alerts offered by credit bureaus.

2. Tips to prevent phishing and vishing:

Phishing:
• Do not click on links or icons in unsolicited emails.
• Do not reply to these emails. Delete them immediately.
• Do not believe the content of unsolicited emails blindly. If you are worried about what is alleged, use your own contact details to contact the sender to confirm.
• Type in the URL (uniform resource locator or domain names) for your bank in the internet browser if you need to access your bank’s webpage.
• Check that you are on the real site before using any personal information.
• If you think that you might have been compromised, contact your bank immediately.
• Create complicated passwords that are not easy to decipher and change them often.

Vishing:
• Banks will never ask you to confirm your confidential information over the phone.
• If you receive a phone call requesting confidential or personal information, do not respond and end the call.
• If you receive an OTP on your phone without having transacted yourself, it was likely prompted by a fraudster using your personal information. Do not provide the OTP telephonically to anybody. Contact your bank immediately to alert them to the possibility that your information may have been compromised.
• If you lose mobile connectivity under circumstances where you are usually connected, check whether you may have been the victim of a SIM swop.

3. Tips for protecting your personal information:
• Do not use the same username and password for access to banking and social media platforms.
• Avoid sharing or having joint social media accounts.
• Be cautious about what you share on social media.
• Activate your security settings which restrict access to your personal information.
• Do not carry unnecessary personal information in your wallet or purse.
• Do not disclose personal information such as passwords and PINs when asked to do so by anyone via telephone, fax or even email.
• Do not write down PINs and passwords and avoid obvious choices like birth dates and first names.
• Do not use any Personal Identifiable Information (PII) as a password, user ID or personal identification number (PIN).
• Do not use Internet Cafes or unsecure terminals (hotels, conference centres etc.) to do your banking.
• Use strong passwords for all your accounts.
• Change your password regularly and never share them with anyone else.
• Store personal and financial documentation safely. Always lock it away.
• Keep PIN numbers and passwords confidential.
• Verify all requests for personal information and only provide it when there is a legitimate reason to do so.
• To prevent your ID being used to commit fraud if it is ever lost or stolen, alert the SA Fraud Prevention Service immediately on 0860 101 248 or at www.safps.org.za.
• Ensure that you have a robust firewall and install antivirus software to prevent a computer virus sending out personal information from your computer.
• When destroying personal information, either shred or burn it (do not tear or put it in a garbage or recycling bag).
• Should your ID or driver’s license be stolen report it to police immediately.

4. Tips for protecting yourself against SIM swops:
• If reception on your cell phone is lost, immediately check what the problem could be, as you could have been a victim of an illegal SIM swop on your number. If confirmed, notify your bank immediately.
• Inform your bank should your cell phone number change so that your cell phone notification contact number is updated on its systems.
• Register for your bank’s cell phone notification service and receive electronic messages relating to activities or transactions on your accounts as and when they occur.
• Regularly verify whether the details received from cell phone notifications are correct and according to the recent activity on your account. Should any detail appear suspicious immediately contact your bank and report all log-on notifications that are unknown to you.
• Memorise your PIN and passwords, never write them down or share them, not even with a bank official.
• Make sure your PIN and passwords cannot be seen when you enter them.
• If you think your PIN and/ or password has been compromised, change it immediately either online or at your nearest branch.
• Choose an unusual PINs and passwords that are hard to guess and change them often.

5. Tips for carrying cash safely:

Tips for individuals:
• Carry as little cash as possible.
• Consider the convenience of paying your accounts electronically (consult your bank to find out about other available options).
• Consider making use of cell phone banking or internet transfers or ATMs to do your banking.
• Never make your bank visits public, even to people close to you.

Tips for businesses:
• Vary the days and times on which you deposit cash.
• Never make your bank visits public, even to people close to you.
• Do not openly display the money you are depositing while you are standing in the bank queue.
• Avoid carrying moneybags, briefcases or openly displaying your deposit receipt book.
• It is advisable to identify another branch near you that you can visit to ensure that your banking pattern is not easily recognisable or detected.
• If the amount of cash you are regularly depositing is increasing as your business grows, consider using the services of a cash management company.
• Refrain from giving wages to your contract or casual labourers in full view of the public; rather make use of wage accounts that can be provided by your bank.
• Consider arranging for electronic transfers of wages to contract or casual labourers’ personal bank accounts