#COVID-19: Don’t fall victim to ‘coronamania’ panic – SA Banking Risk Information Centre

The South African Banking Risk Information Centre (Sabric) has warned bank clients of ‘coronamania’ panic used by cybercriminals who are using the spread of COVID-19 to their advantage.

Coronavirus scams exploit people’s concerns for their health and safety, and pressure them into being tricked into using social engineering. “Social Engineering is manipulative and exploits human vulnerability because criminals know that the weakest link in the information security chain is the human being,” said Sabric.

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The new scams include fake emails, offering products such as masks or fake offerings of vaccines leading to phishing websites. “These emails come from seemingly realistic and reputable companies that manipulate people into clicking on links. Some of these websites prompt the user for personal information which ends up in the hands of cybercriminals.”

According to Sabric, cybercriminals are also using SMS phishing, also known as ‘SMishing’, to trick victims into clicking on a link disguised as information on a Coronavirus breakout in their area to steal their credentials.

Once criminals have the correct level of confidential information about a victim’s bank account, they can impersonate the victim and transact using the correct credentials but without authority.

“Although some spoofed emails can be difficult to identify, we urge bank clients to think twice before clicking on any link, even if an email looks legitimate. Any suspicious emails should not be opened and are best deleted,” said Sabric’s acting CEO, Susan Potgieter.

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The following tips provided by Sabric will protect you from phishing and SMishing:

• Do not click on links or icons in unsolicited emails.
• Never reply to these emails. Delete them immediately.
• Do not believe the content of unsolicited emails blindly. If you are concerned about what is being alleged in the email, use your own contact details to contact the sender and confirm.
• Check that you are on the authentic site before entering any personal information.
• Do not click on links or icons in unsolicited SMSes.
• Do not reply to these SMSes. Delete them immediately.
• Regard urgent security alerts offer or deals as warning signs of a hacking attempt.

Details:  www.sabric.co.za

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