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Make online scams less of a danger with Standard Bank


The rise in digital fraud is a priority, and the South African public must be armed to cope with it. Fraud and digital scams proceed to trigger critical monetary loss for banking clients, as there is a rise in new scams, ensuing within the variety of victims growing.

According to the 2021 Norton Cyber Safety Insights Report, 477-million individuals globally have fallen sufferer to cybercrimes, with 328.5-million going down within the 12 months previous to May 2021.

“As a trusted partner, Standard Bank has various digital security measures in place to help consumers conduct their everyday banking with peace of mind. We continue to drive the message that customers ensure they do not fall into the traps that fraudsters set in the digital sphere,” says Carolina Reddy, Head of Fraud Risk Management at Standard Bank. 

One such measure is DigiME, an progressive answer designed to make sure that clients’ digital profiles are sturdy and safe. It entails a mixture of two or extra components to authenticate every buyer’s actual identification.

“Through the DigiME solution, we are adopting an approach of partnering with our customers to jointly walk this digital journey to help against fraud. This entails a multi-factor authenticator model that leverages something you have, something you know and something you are to verify yourself,” says Reddy.

Banking fraud has change into a really profitable enterprise for on-line scammers and the banking fraud issues investigated for 2021 alone exceeded R295-million, as per the Ombudsman for Banking Services (OBS). The banking sector’s most important safety issues come within the type of on-line threats, as banks course of thousands and thousands of transactions each day, with nearly all of the transactions completed via digital cost platforms. For this cause, banks have change into engaging targets for cybercriminals.

Locally, South Africa has the third highest variety of cybercrime victims worldwide, and it’s estimated that it prices R2.2-billion a 12 months.

“As a bank it is imperative that our customer’s money is physically protected, but it has become equally imperative for it to be protected from a digital perspective. This is where we want to empower our customers with the knowledge required to avoid getting scammed and falling victims to fraudsters,” says Reddy. 

For extra info you possibly can go to: https://www.standardbank.co.za/southafrica/private/products-and-services/security-centre/bank-safely/bank-securely-with-a-digital-id 

THESE ARE THE TRENDING DIGITAL SCAMS TO BE WARY OF:

Instant Money Scam 

A fraudster calls a buyer, pretending to be from the financial institution, and advises that there’s fraud on their account, requesting an on the spot cash voucher to be despatched to themselves as a verification course of. On receipt of the moment cash voucher the client is requested to learn again the voucher particulars and pin to authenticate themselves, however the particulars are used for the fraudster to money out the voucher. 

Sim Swaps 

In a SIM swap rip-off, the fraudsters carry out a SIM swap with out the client’s data, permitting them to intercept their cellphone calls and messages,/successfully taking up their cellphone quantity. Typically, the SIM swap takes place after fraudsters have acquired a buyer’s Internet banking sign-in particulars, following their response to a phishing e mail or a name. Once fraudsters have entry to a buyer’s cellphone quantity and private particulars, they will pose because the buyer and request a brand new SIM card from the client’s community supplier. This provides the fraudster entry to a buyer’s cellphone calls, messages, OTPs and different notifications. 

Phishing

A phishing rip-off makes use of emails to steal your private info to entry your financial institution accounts or bank cards. It’s an more and more refined method designed to trick you into believing {that a} message is from a official supply so that you just’ll click on on a fraudulent hyperlink, icon or obtain an attachment to supply your info.  Please remember that we are going to NEVER ask in your private banking info over the cellphone or ship you emails with hyperlinks that take you to a website the place you might be required to seize your web banking particulars.

Standard Bank notes the under when it comes to understanding if one thing may very well be a rip-off or not:

  • What you might be supplied or promised sounds too good to be true;
  • The provide takes you abruptly, or the prize pertains to a contest you by no means entered;
  • You’re given restricted time to verify your particulars or win the prize, catching you off guard;
  • You obtain the data through a free e mail handle (like Hotmail, Aim, Yahoo or Gmail);
  • You are promised giant sums of cash for little or no or no effort in your half;
  • You’re requested to supply cash upfront, for no matter cause, to obtain the cash or prize; and
  • You’re requested to verify private or account particulars through a hyperlink, icon or attachment in an e mail or over the cellphone.

Vishing

Vishing is when fraudsters ask in your private and checking account particulars over the cellphone. It’s changing into extra frequent with the rise in cellular banking and in latest incidents they name pretending to be from the financial institution’s fraud division, luring you into sharing your checking account particulars, pin and OTP (One Time Pin). Know that the financial institution won’t ever ask in your account particulars, password, pin or OTP over the cellphone.  

“As we continually work towards improving our security features for our customers, we also want to ensure our customers are empowered in identifying digital scams and remain digitally secure,” concludes Reddy.

— Carolina Reddy is Head: Fraud Risk Management





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