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Nedbank sends warning to customers in South Africa
Nedbank has issued a warning to its customers to be on the lookout for the latest scams, with fraudsters praying on the goodwill of South Africans.
In a notice for its customers on its banking app, Nedbank said that fraudsters are using various scams to get their hands on customer’s money.
Nedbank said that criminals may try to call and ask you to share your personal information. This type of scam is known as vishing.
Vishing sees criminals’ phones to try and get unknowing South Africans to reveal their personal information, including credit card numbers, bank information or passwords.
Criminals may also ask South Africans to move their money into a ‘safe’ account. This account is then under the control of the fraudster.
Nedbank also stressed that scammers may also ask you to make a payment to secure your account or reverse a fraudulent transaction.
The Big Four Bank also said that South Africans should beware of voucher scams. It said that a voucher code and PIN are the same as cash, meaning that South Africans should never share them with anyone.
Nedbank said that it will never ask customers:
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To move their money to another ‘safe’ account;
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To make any type of payment to reverse a transaction or debit order; or
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To move their money to another ‘safe’ account;
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To make any type of payment to reverse a transaction or debit order; or
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For your Nedbank ID username and password or card PIN.
The latest alert joins a long line of warnings to banking customers amidst increasing rates of crime for South Africans.
Last month, Nedbank said that debit card swipe transactions at toll gates were being disabled amid high levels of fraud.
Reports suggest that card cloning was occurring at tool booths along the nation’s highways as motorists would have to hand over their cards to collectors.
Motorists can still use credit cards, garage cards, cash, or tags at the nation’s toll gates, with plazas across the nation being updated to use contactless payments.
Bank warnings
On top of Nedbank’s warnings, Capitec told BusinessTech that the most prevalent scams it has seen targeting consumers include authorised push payment fraud.
Capitec said that this type of fraud sees victims authorise payments to criminals, with the fraudsters posing as trusted entities to convince individuals to transfer funds into fraudulent accounts.
This scam is leading to massive financial losses for customers, along with the other popular scams highlighted by South Africa’s biggest bank by customer numbers.
Capitec also highlighted investment scams are another common type of fraud, where fraudsters promise high returns with minimal risk. Investments that seem too good to be true, likely are.
Capitec also noted the courier scam, where victims pay for goods or services that never arrive. Advance fee scams are similar, and see victims pay upfront fees for things that don’t exist.
A common example of this is job scams, where scammers lure job seekers and demand payments for things like training that never take place.
Another common scam revolves around work-from-home (WFH) scams, where fraudsters trick victims into making multiple payments, often to invest or trade.
A popular version of this scam is known as Pig Butchering, where victims are often tricked into fake relationships with their scammers, often leading to them being left financially drained.
Capitec noted that online banking platforms remain primary targets for scammers, with phishing and social engineering tactics on the rise.
Similar to vishing, phishing sees scammers send fake emails in an attempt to get customers to reveal personal information.
SOURCE:Nedbank sends warning to customers in South Africa – BusinessTech
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