While you’re getting ready for the day, fraudsters are busy working on their next scam, says financial services group Standard Bank.
As more people move to purchase goods and services via digital channels, the bank advises consumers to take extra precautions to protect themselves, their purchases and their personal information.
If something seems suspicious, it probably is, so stay away from it,” it said.
Here are common scams to be aware of:
Phishing is when fraudsters ask for your personal information and bank account details over the phone. It’s becoming more common with the increase in mobile banking. Know that the bank will never ask for your account details, password, PIN or OTP (One Time PIN) over the phone.
Smishing aims to access your personal information via SMS. These scams are becoming more common because of the increasing popularity of mobile banking.
- With this scam, the tactics may differ, but the fraudster’s goal is the same – they want to trick you into sharing sensitive information so they can access your bank account to make illegal transactions.
- They often pose as legitimate bank employees and will use scare tactics to lure you into sharing your bank account details, PINs and One Time Pins (OTPs).
- For example, the scammer may claim to be from the bank’s fraud department, explaining they have detected fraud on your account and requesting that you share account details or an OTP to help them stop the fraud.
3. Stolen phones
Your cellphone stores far more information than you may be aware of. A fraudster can access your personal and banking information on your stolen mobile phone, which is why it is critical that you de-link the stolen device from your digital profile or contact the bank immediately to report the device as stolen.
Has your phone been compromised? You may have fallen victim to this scam if:
- You are suddenly no longer receiving calls or messages on your cellphone
- You don’t receive the OTP you requested, even when trying a second time
- Your cellphone suddenly has no signal in a regular network area.
What to do next
If your phone is stolen, contact the bank immediately to deactivate your banking app and block your account. Login onto the Standard Bank App on an alternative device:
- Click on “more”
- Then click on settings
- Scroll down to Devices, select “Unlink” next to the stolen device name to de-link the SBG app from the stolen phone
You can also de-link your stolen device from your digital profile by:
- Login onto the Internet Banking website on an alternative device
- Go to your homepage and select “More”
- Then select “Settings”
- Scroll down to the Devices. The device you’re currently using and which your app is linked to will be highlighted in bold. Select Unlink to remove the app from the device. Select Unlink to continue or Back to exit
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