How to Protect yourself from fraud

Phishing

Do
• Type the website address into your Internet browser rather than clicking on a hyperlink in the email
• Only use secure Internet banking sites
• Beware of unusually long website addresses
• Contact your bank immediately if you have compromised confidential information
• Remember that a bank will never request you to confirm confidential information via email or the Internet.
Don’t
• Click on a URL contained in the body of the email
• Reply to any of the emails.
This information was created at an interbank level through South African Banking Risk Information Centre.

Card fraud and skimming

Important tips for merchants on how to avoid card fraud
• Hold the card until the transaction is complete
• Ensure that the security features are present
• Compare the cardholder’s signature on the card to that on the sales voucher
• Phone for authorization if requested to do so by the point of sale device
• Make an imprint of the card in the case of a manual transaction.

Important tips when using your card
• Sign your card as soon as you receive it
• Review your account statements on a timely basis
• When shopping online, only place orders with your card on a secure website
• Don’t send emails that quote your account number and expiry date
• Ensure that you get your own card back after every purchase
• Never write down your PIN or disclose it to anyone
• Report lost and stolen cards immediately
• Destroy your credit card receipts before discarding it
• Never let the card out of your sight.

ATM Fraud

Do
• Remain aware of your surroundings without allowing anything or anyone to distract you while doing your ATM banking
• Approach an ATM only under the right conditions and, for your own security, be alert and conscious of your surroundings
• Choose a familiar and well-lit ATM where you are more visible and safe
• Scan the area for suspicious looking characters before you approach the ATM
• If you think the ATM is faulty cancel the transaction IMMEDIATELY, report the fault to your bank and try another ATM to transact
• Have your card ready in your hand before you approach the ATM to avoid opening your purse, bag or wallet while in the queue
• Be cautious of strangers offering to help as they could be trying to distract you in order to get your card or PIN details
• Follow the instructions on the ATM screen carefully.

Don’t
• Approach security guards for assistance whilst doing banking transactions
• Never force your card into the slot as it might have been tampered with
• Use ATMs where the card slot, key pad or screen have been tampered with -it could be an attempt to get hold of your card.

Tips on protecting your PIN
• Your PIN is your personal key to secure banking and it is crucial to keep it that way
• Memorise your PIN, never write it down or share it with anyone, not even your spouse or a bank official
• Don’t use an obvious or guessable PIN such as your birth date, and change your PIN as often as you can
• Don’t let anyone stand too close to you whilst at the ATM in order to keep both your card and PIN safe
• Shield the keypad when entering your PIN to ensure that no one can see it.

Tips on protecting your cash
• Some fraudsters wait until you’ve drawn your cash to take advantage. Be wary of people loitering around at the ATM
• Take your time to complete your transaction and secure your card and your cash in your wallet, handbag or pocket before leaving the ATM
• Check your balance regularly and report discrepancies IMMEDIATELY.
This information was created at an interbank level through South African Banking Risk Information Centre.

SIM swap fraud

Fraudsters obtain and utilise your replacement SIM card to acquire security messages and one-time passwords (OTP) sent to you by the bank. Using the OTP, criminals are able to change, add beneficiaries and transfer money out of your account using your personal information that they would have obtained through phishing.

How to prevent SIM swap fraud
• Protect your information.
• Do not disclose your ID number on websites unless you have verified the legitimacy of the site. The bank already knows your ID number and will not require you to give it to us again.
• Do not disclose your cell number on websites unless you have verified the legitimacy of the site. Phishing sites often request for information such as ID Number, email address and email address password, physical address, etc.
• Always make sure that your contact details on Internet banking are valid and correct. You know when your details have changed, so when you are ready, you can update the information on Internet banking or at a branch.
What should you do if you suspect a fraudulent SIM swap has been done?
• Contact your service provider immediately. If the SIM swap can be prevented, they will not be able to receive your OTP
• Immediately change your Internet banking logon credentials until an investigation into the SIM swap can be completed. The changing of your logon credentials can be done on the Internet banking site and takes a few minutes
• Contact the Internet banking call centre on 0860 123 000 and report the unauthorised SIM swap.

Cheque fraud

Do
• Complete beneficiary details in full
• Include your account number when making account payments
• Use crossings accordingly
• Familiarise yourself with different banks cheque layouts
• Use alternative methods of payment such as electronic payments
• Lock away bank statements and chequebooks
• Reconcile your cheques against your bank statements.

Don’t
• Use abbreviations as beneficiary details
• Post cheques
• Release goods even if a bank cheque is presented, without checking with your bank
• Cross cash cheques
• Advertise your banking details.

Look out for
• Alterations on the text (payee, amount in words and figures)
• Stamps placed in areas to conceal alterations
• Cheques issued in black felt-tipped pens
• Spelling mistakes on the printed areas of the cheque such as drawer’s details and bank branch name
• Tampering on the MICR code line (the black shaded area)
• Faded cheques as chemicals could have been used to remove the information
• Typed cheques
• Shaky signatures as this could indicate that the signature was traced
This information was created at an interbank level through South African Banking Risk Information Centre.

Deposit slip scams

Do
• Contact the entity or institution on a number ascertained from the telephone directory and confirm the request
• Be cautious of clients who want to “keep their distance”
• Retain complete records
• Confirm details of payments with your bank.

Don’t
• Be pressurised due to urgency
• Relax controls and procedures
• Proceed if you have any doubts
• Use the number provided by a caller or provided on a faxed letter.

Pharming

Do
• Ensure that antivirus software is always up to date
• Access Internet banking via the route usually used
• Only use secure Internet sites
• Beware of unusually long website addresses
• Contact your bank immediately if you have compromised confidential information.

Don’t
• Access unfamiliar websites.
Money Laundering

What is Money Laundering?

Money laundering is the act that changes or disguises the criminal nature or the location of the proceeds of crime.

Do
• Keep control of your accounts
• Be mindful when accepting payment for goods
• Be mindful of the risks of money laundering and make enquiries if there is any doubt about the origin of funds and/or if the transaction appears unusual considering the circumstances.

Don’t
• Allow your account to be used directly by another person to deposit and transfer/withdraw funds from it.

 419 Nigerian scams/advanced fee fraud

Look out for
• Perpetrators of 419 Nigerian scams operate by sending you an unsolicited letter, fax or email containing either an illegitimate or illegal proposal
• Most common letters, faxes and emails promote services and products such as oil products, real estates, distribution of moneys from wills and over budgeted money and lotteries
• The letter promises that you will benefit substantially for their investment or cooperation.
• In most instances these letters are purportedly written on behalf of a government department, central bank or major corporation
• Be very wary of these schemes as they keep up with newsworthy events such as disasters or political circumstances such as the situation in Zimbabwe.

Do
• Check the credentials of the person or business, for example with the relevant embassy, to see whether or not the person operates a legitimate business or that the business does exist.

Don’t
• Do not consider travelling to meet the person and discuss the offer. Victims who have been lured to the foreign country have been robbed, held for ransom and even murdered
• Never pay anything in advance unless you are absolutely sure that goods or services are going to be delivered
• Never provide the other party with blank letterheads, invoices or your banking details.