JOHANNESBURG – Fraud scams are a risk throughout the year but, as with most forms of crime, the festive season typically sees an increase in attempts to access bank accounts and cards fraudulently.
“Phishing,” the fraud method, by which members of the public are duped into entering their online banking credentials on a fake website, is still very prevalent. There is an increase in the number of attempts to steal online banking details by means of Trojans. Like the Trojan horse of old, a Trojan is a piece of malicious software that slips into your computer under false pretences and then proceeds to break down your defences from inside.
Modern Trojan can steal your passwords and even allow the criminals to log remotely into your computer. In order to mitigate the risk of banking Trojans, Nedbank makes Trusteer Rapport, a sophisticated program that not only guards against phishing but also detects banking Trojans, available to its clients free of charge.
Another frequent trend is for the criminals to attempt a SIM swap fraud which is where the criminals have a new SIM card linked to your cellphone number. Your phone will stop communicating and the criminals are then able to make and receive phone calls and SMS messages on your behalf. One of the ways in which criminals may use such a fraudulent SIM swap, is to add new beneficiary accounts to your online banking profile and make unauthorised payments to other accounts.
In 2013, an alarming 900% hike in SIM swap banking fraud was reported by South African Banking Risk Information Centre (SABRIC).
Lucas Venter: Manager of Analytic and Forensic Technology at Nedbank says, ‘Once criminals have obtained the online banking details of a client through phishing or malware, they then pose as the client, requesting a new SIM card from a cellular service provider, transferring your identity onto their SIM.’
How to prevent SIM swap fraud:
If you receive an SMS from your mobile service provider that a SIM swap is going to be performed on your account and you have not requested this service, please contact your mobile service provider immediately to prevent the SIM swap from going ahead. You should also immediately change your Nedbank online banking PIN and password at https://www.nedbank.co.za/ and notify Nedbank by reporting the fraudulent SIM swap to the Nedbank Contact Centre on 0860 115 060.
If your cell phone suddenly cannot receive or make phone calls, contact your mobile service provider immediately. If the break in communication was as a result of an illegal SIM swap, you must immediately change your Nedbank online banking PIN and password at https://www.nedbank.co.za/ and notify Nedbank by reporting the fraudulent SIM swap to the Nedbank Contact Centre on 0860 115 060.
Malware
You can protect yourself against malware by following these simple principles:
- It is important that you permanently run Antivirus software on your computer and ensure that the software is up-to-date.
- Even the best antivirus software may not detect all Trojan malware, which is why Nedbank offers its online banking clients the advanced Trusteer Rapport software free of charge. Trusteer not only prevents you from entering your credentials onto phishing sites, but also specialises in detecting and preventing Trojan malware targeting the banking industry worldwide.
- Ensure that your operating system (such as Microsoft Windows or Mac OSX) has been patched with the latest security updates.
- Do not open attachments or click on hyperlinks in emails from sources you do not fully trust.
- It is highly recommended that the user account on the computer used for Internet banking should not have administrative rights allowing for the installation of new software. You should create a separate user account with these rights, and only log on as that user for the purpose of installing new software.
- Fraudsters have tried to disguise some of their emails as Nedbank eStatements. Please note that Nedbank eStatements will never be emailed to you inside a Zip file, but will rather be PDF files encrypted with a password. Also, Nedbank emails containing eStatements will always be addressed to you in person.
If you believe that your online banking credentials may have been compromised as a result of a malware attack, please notify the Nedbank Contact Centre immediately at 0860 115 060. You should not use an infected computer for online banking until the malware has been properly removed.
