Vishing: How to stay safe from the new banking scam in SA
A scam called vishing is becoming more and more popular and the South African Banking Risk Information Centre has provided tips to stay safe.
There is a new bank scam that is threatening many South Africans and the South African Banking Risk Information Centre (SABRIC) has revealed what to look out for.
What is the new scam?
According to SABRIC, there has been an increase in calls from fraudsters allegedly impersonation officials from banks. SABRIC stated that this type of fraud is known as ‘vishing’.
How does vishing work?
The criminal who is posing as a bank official talks to the victim and attempts to persuade them into giving away sensitive information that could possibly defraud the victim.
“This is a very common tactic and SABRIC has seen an increase in this type of crime being committed. If vishing and phishing efforts are successful, it then correlates with the high number of crimes on a bank’s digital platforms, because the fraudster uses the unlawfully obtained data to impersonate the victim and access funds or make purchases in the victim’s name,”
said Nischal Mewalall, the chief executive officer of SABRIC.
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How can victims protect themselves from vishing?
SABRIC provided a list of ways that customers can avoid falling victim to these scams.
Don’t click the link
SABRIC says that banks will never send their customers emails or texts requesting that they click on a link.
Don’t respond
Do not respond to the scammers’ attempts at pressuring you into sharing private information. Customers are advised to immediately contact their bank to find out if the request is legitimate.
Banks won’t ask for certain details
Banks will not ask for your account number, name, address or even your password through an email or a text message.
Typos!
SABRIC says that fraudulent texts or emails more often than not contain typos.
Keep your information private
Do not share your personal and confidential information with strangers over the phone.
Be wary of One Time Pins (OTPs)
If you receive an OTP without having transacted yourself, this is most likely a scammer. Do not provide this OTP to anybody. Instead, contact your bank immediately to inform them about what happened, reports Business Tech.