Falling prey to online scammers is easier than you might think, with scams becoming increasingly more sophisticated and less blatant than the now well-known ‘Nigerian prince’ emails that clog up our spam folders.
According to the South African Banking Risk Information Centre (SABRIC), reported incidents of digital banking crimes increased by 75% between 2017 and 2018, amounting to a total of R262.8 million lost in digital, mobile and app banking crimes last year alone.
Cyber criminals are getting smarter in their attempts to steal and will use technology in conjunction with social engineering to try defraud people. Here are just some of the many scams you need to be aware of, so you can start protecting yourself and your information online.
Phishing
Phishing is one of the most common forms of online scams that uses email as a platform to scam people. Phishing is designed to trick you into clicking on malicious links that can result in malware being installed on your computer or device, or manipulating you into divulging login details for email, social media and bank accounts. This often takes the form of an email that looks like a legitimate and professional communication from a trustworthy source, except for a few small and easy-to-miss details that tell you it’s fake.
Vishing
Vishing, or ‘voice phishing attacks’, happens when fraudsters pose as bank officials or service providers in order to trick people into disclosing personal and sensitive information over the phone, giving criminals access to your bank card details, mobile banking apps and online banking profiles.
Your bank will never call you and ask you to share information like your account details, username or passwords, over the phone.
Sim-swap fraud
SIM-swap fraud happens when criminals convince your mobile operator to switch your phone number over to a SIM card that they possess. Once they have control over your phone number, they are able to receive mobile money transactions, or collect the home banking OTPs to complete a transaction.
If your phone loses connectivity for an extended period, don’t assume it’s your network. Phone your service provider and make sure there hasn’t been a SIM swap on your account.
What should you do to protect yourself?
Trying to avoid scammers can leave you feeling powerless – what do you do to protect yourself in these scary times? Susan Potgieter, SABRIC acting CEO, says that practicing smart and safe online behaviours (such as not logging into your internet banking at internet cafes or on public Wi-Fi networks, and never giving out your confidential information to anyone) is key, adding that your best line of defence is to ensure all your passwords are strong and secure.
“It’s important not to use details like your birth date and name as passwords, as these are easily accessible to criminals and scammers, particularly if you ever happen to lose a licence or ID card,” says Potgieter.
As difficult as it can be to remember passwords, try to make them as complex as you can, including uppercase and lowercase letters as well as numbers and symbols, and always keep them to yourself. Ensure all your accounts have different passwords and usernames
Stay safe from cybercrime by changing your password regularly and keeping informed of the latest scams out there.
You are your money’s best protection, but your password is the gatekeeper. Is your password strong enough to withstand cybercrime? SABRIC has created a safe and secure password tester to help you find out. Test your password strength here today: https://becyberstrong.co.za/
