Capitec warns of December rise in banking scams – what to look out for
As we approach the festive season, criminals are aware that people are receiving their year-end bonuses and will spend extra time and money online- making cyber scams more lucrative, says Mark Sturrock, Capitec’s head of cyber security.
As a result of this, criminals will be on high alert, waiting to exploit banking clients’ vulnerabilities, said Sturrock.
South Africa had 230 million cyber threat detections between January 2020 and February 2021, according to a 2021 Interpol report. On top of that, the country recorded a 100% increase in mobile banking application fraud.
South Africa is considered to have the third-highest number of cybercrime victims worldwide, said Capitec.
Criminals don’t often commit digital crimes by hacking a product, but rather by tricking the client of that product, said the bank.
“So, although banks can implement stringent cybersecurity protocols to protect clients and make digital banking safer, cybercriminals will still devise new ways to leverage data to defraud victims just as quickly by exploiting clients’ vulnerabilities.”
Earlier this year, the South African Banking Risk Information Centre’s (SABRIC) Annual Crime Statistics showed an increase in calls from fraudsters impersonating bank officials, in an infamous type of fraud referred to as vishing (or voice phishing).
“In this instance, the cybercriminal poses as a bank official to persuade victims to divulge sensitive information they can use to defraud them.”
If vishing attempts are successful, the fraudster uses the unlawfully obtained data to impersonate the victim, access funds, or make purchases in the victim’s name, noted Capitec.
Capitec has urged people to be proactive in protecting money by bolstering online security measures and reducing the risk of becoming a victim of cybercrime.
The bank provides the following four steps to protect your bank account best:
Avoid becoming a vishing victim
According to Capitec, vishing relies on criminals convincing you that they are calling you from a bank.
They may even use threats and persuasive language to get information from you, like threatening to close your bank account, said Capitec.
“In most instances, cybercriminals will pretend they’re calling from your bank to report unusual activity on your account. They’ll then ask you to confirm your bank account details, including your email, physical address, and proof of identification. This information allows them to commit identity theft.”
Never provide your personal information over the phone or click on suspicious links in SMSs or on social media, pay attention to the suspicious language used by the caller, and be wary of threats and urgent requests, noted the bank.
Activate two-factor authentication for your banking profiles
You can enable two-factor authentication (2FA) to secure your online banking better. This safety feature helps prevent unauthorised access to your accounts if cybercriminals access your login details and passwords in a data breach, said Capitec.
“2FA is often an authentication message sent to a secondary device linked to the main account. Examples include a verification PIN that will arrive via an SMS or an in-app prompt which you must access from your trusted smartphone.”
Use a strong and lengthy password
Choosing a strong password, preferably between six and 18 characters in length that includes letters, numbers, and symbols – puts up a further line of defence against criminals.
“In addition, ensure you select a password that’s not easy to guess or obvious to those who know you, such as the name of your pet that appears in every second picture on your Instagram feed,” said Capitec.
Frequently changing passwords is also an effective cybercriminal deterrent. Remember to never share your password, or 2FA verification PIN, with anyone, not even your bank’s employees, because they are not allowed to ask you for it.
Add biometric or password protection to your phone
Using a pattern, numeric code, long password, fingerprint, or face ID can safeguard a device against hackers.
“Most importantly, banking clients need to familiarise themselves with security procedures they should follow if they suspect they’ve been a victim of cybercrime. These include immediately reporting the crime to the South African Police Service (SAPS) and contacting their bank’s fraud line,” said Sturrock.
Read: Big changes for bank cards coming to South Africa.
