Be safe when banking on mobile devices

By Staff Writer

 

Be safe when banking on mobile devices
 
A suspect said to be a key player in a recent spate of SIM swap fraud has been arrested. Reports stated that Media 24 CEO, Esmare Weideman, was one of the victims of this spate of SIM swap crime where large amounts of money was stolen from victims’ accounts.
 
As mobile banking continues to surge, customers need to make sure that they are aware of the safety measures that they need to take to ensure they do not compromise their personal banking details.
 
“Customers  must be aware of the fraud mechanisms used by fraudsters. The first step in the safekeeping of personal banking information is to never disclose a login PIN, user ID, Password or One Time PIN (OTP) to anyone,” says Dione Sankar, Head of cellphone banking and messaging at FNB.
 
Sankar said fraudsters continually try new approaches to gain confidential banking information that will allow them access to defraud a customer via mobile or online banking channels.
 
In cases involving SIM swaps, scammers contact the network operator and reassigns the cellphone number to a new SIM in order to gain access to confidential information, e.g. OTP (One Time PIN) SMS. 
 
“Usually they impersonate the customer and will call the network operator to report a lost or stolen SIM. This will result in a new SIM being activated with the customer's number. The old SIM will be de-activated and  all messages, including messages containing personal info, will be sent to the fraudster.
 
She added that a fraudster could call, claiming to be from the mobile service provider. They might request that the phone be switched off for maintenance purposes. 
 
Type of scams used by fraudsters
 
Phising is one of the common methods scammers use to trick customers to divulge information via email. 
“These messages will look like an e-mail message or pop-up window that includes official-looking bank logos. It can also like an e-mail posed as a security alert that request personal information or an e-mail posed as a rewards statement that request personal information,” said Sankar.
 
With smishing, customers are tricked into exposing information via SMS.
“A random SMS sent by a fraudster suggesting that the customers’ details have been compromised and the bank needs the personal information to stop the fraud,” said Sankar. 
  
In cases involving vishing, customers are called and tricked into divulging their information through a random SMS stating that a bank official will contact you to verify or update your details. 
“The latest vishing trend includes con-artists claiming to be South African Police Officers. Instead of an SMS stating that the customers will be contacted by a bank official, customers are being threatened into providing their personal details or face being arrested,” said Sankar.
 
Tips to prevent you from becoming a victim
 
Never reply to the number that is provided in the SMS from a random sender requesting personal bank information e.g. PIN information, password information.
 
Never give out confidential information via E-mail, SMS or on a call.
 
Never store your PIN and passwords on your cell phone.
 
Change your cellphone banking PIN and online password on a regular basis.

Recent Articles

Featured Register your customary marriage or lose the right to inherit estate

December is that time of the year when we will see at least one suitor sending his uncles to negotiate the price of his future wife. Lobola, as the bride price is known, has always been an important element of the African marriage.

Read more

Changing from one medical scheme to another - effortlessly

It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.

Read more

Your guide to financially surviving Christmas

There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.


Read more

Trump, Trump and a little bit of South Africa

What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Free iCollege Scholarship

Price: R600
When: Until 16 May 2019
Where: Nationwide

Telkom December Big Deal

Price: R459 pm
When: Until 31 December
Where: Nationwide

Money Savvy Kids Giveaway

Price: R450
When: 8 December
Where: Johannesburg (Milpark)