Be wary of scammers, banking sector warns

accreditation

The banking industry has warned customers to always be vigilant of banking scams, especially when prompted for personal information.

This after some members of the public raised red flags that they had been contacted via email or through sms notifications asking for their account details. 

In an email to Fin24, the reader who had been contacted, said they had received daily emails from a Standard Bank e-account, which prompted them to open an attachment with their ID number.

"I closed my Standard bank account four years ago. I can block the messages on my PC, which warns me it's a virus, but do not know how to block on my phone. I also receive emails from ABSA, not as regularly as Standard Bank," the reader said in an email.

Standard Bank spokesperson Ross Linstrom said while he could not comment on the authenticity of the notifications without seeing the communication for himself, customers should never process transactions on their devices if they are not sure of the security of their banking information.

"The rule of thumb is if you’re not sure, don’t continue with the transaction. Phishing is a practice where fraudsters send out misinformation to solicit banking information for their own gain. Monitor your account regularly. Never open attachments or open links that you are unsure of," said Linstrom.

South African Banking Risk Information Centre CEO Kalyani Pillay told Fin24 that based on the details, it was likely that the individual was the victim of a phishing scam.

"From the information provided, it is likely that the reader could be the recipient of phishing emails. Phishing is a prevalent modus operandi used by criminals to harvest personal and confidential information then used to defraud bank clients," said Pillay.

Pillay said phishing emails requested that users click on a link in the email which will direct users to a “spoofed” website, which is a site designed to fool users into thinking that it is legitimate to obtain, verify or update contact details or other sensitive financial information.

Pillay said a bank branch will never ask a client for their pin, password or personal details which they use to access their accounts.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
14.35
-0.0%
Rand - Pound
19.81
-0.0%
Rand - Euro
17.08
-0.0%
Rand - Aus dollar
10.76
-0.0%
Rand - Yen
0.13
-0.0%
Gold
1,764.62
0.0%
Silver
25.81
0.0%
Palladium
2,467.49
0.0%
Platinum
1,038.50
0.0%
Brent Crude
73.51
+0.6%
Top 40
59,504
-1.5%
All Share
65,635
-1.4%
Resource 10
60,958
-1.7%
Industrial 25
87,956
-1.3%
Financial 15
12,995
-2.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Voting Booth
Should government have assigned a majority shareholding in SAA to the private sector?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, It's a good decision
62% - 121 votes
Not a good move
10% - 20 votes
Too early to tell
27% - 53 votes
Vote