December 8, 2021

The most common Black Friday bank scams in South Africa

The Ombudsman for Banking Companies (OBS), Reana Steyn, says customers ought to be cautious of a rise of scams over Black Friday and the vacation interval.

Steyn stated buyers ought to be looking out for suspicious actions and/or transactions on their accounts as there’s an expectation of upper volumes of phishing, vishing and ATM scams.

Moreover, customers ought to recurrently undergo their account statements in order to determine and instantly report any suspicious entries that they flag as suspicious, she stated.

“Desktop research conducted by the OBS has shown that social media platforms, online marketplaces and unsecure websites are being used by criminals to execute a scam where an unsuspecting customer is tricked into paying in advance for goods or services that they will never receive.”

Improve in banking scams 

Steyn identified that, as a result of rising reputation of e-commerce, the OBS has seen a rise of 31.34% in web banking fraud associated circumstances in 2021. The majority of the individuals who fall sufferer to web banking fraud are those that clicked on unsolicited hyperlinks which they believed had been from their banks, she stated.

“Phishing emails have gotten a common option to rip-off victims. The sufferer sometimes receives an e-mail that’s supposedly from their bank.

“The email directs the victim to a proxy site to resolve an issue with their account. Once the victim enters their personal details into the site, the fraudsters have access to all the information that they need to commit identity fraud.”

Solely after the fraud is dedicated do they uncover that the hyperlink that they clicked on was fraudulent, stated Steyn.

Different unsuspecting victims had been vished into giving freely this delicate data over the telephone as they believed that the person who known as them was from the bank, she stated.

“Again, this is a very sophisticated scheme as the fraudster poses as a bank representative who is helping the consumer resolve an issue on their account – usually an urgent matter to allegedly prevent fraud on their account. Only once the fraud has been committed does the consumer find out that they were being tricked into giving away personal information,” stated Steyn.

She added that, topic to remaining checks, there was a lower in the variety of ATM fraud (which dropped by 15.8%), and bank card associated fraud complaints (which dropped by 13.28%) when put next with 2020.

Card fraud 

Steyn cautioned that the obvious lower in card-related fraud circumstances obtained by her workplace shouldn’t be seen as a choice by fraudsters to desert one of these fraud.

She suggested that occasions like Black November, in addition to the Festive season and holidays, have beforehand confirmed to be fertile breeding grounds for fraudsters to make the most of customers who let their guard down.

“Customers mustn’t fall sufferer to offers that appear too good to be true. If not recognized as scams, these offers will end result in customers struggling devastating monetary losses.

“Always be alert to the fact that the criminals of today have become more sophisticated and are experts at convincing people into giving away their confidential banking details or letting their guard down. This can occur online, over the phone, at ATMs or even when swiping their cards at point-of-sale machines.”

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