Don’t be caught by these bank scams in South Africa

As it becomes harder and harder, scammers will become more determined and skillful to defraud people of their money, warns the Momentum Metropolitan Cyber ​​Security team, which has warned consumers to be vigilant to avoid being caught by scammers.

Globally, security experts are seeing certain types of fraud increase by up to 155%. Momentum Metropolitan security teams have seen a similar increase in scams targeting South Africans.

Financial firms and their customers seem particularly targeted by scammers and cyber criminals who target customers by intercepting their emails, impersonating communications, and carrying out malicious cyber attacks, most commonly known as phishing.

The Head of Special Forensic Investigations for the Momentum Metropolitan Group said, “Your safety is a high priority for us, especially given the unprecedented increase in fraudulent activity.

The scammers get very clever at deceiving people. We can only defeat them together, so we want to reiterate our call on consumers to be very vigilant, aware and careful. Below are some of the fraud cases our experts have identified. “

The interception of emails is currently increasing. If a customer clicks on a phishing link that looks identical and therefore legitimate, the criminal can access the customer’s email account, which allows the criminal to tamper with the content of emails.

“We encourage our customers to be meticulous about details when receiving and sending information about their finances. We recently saw a trend where scammers can change a letter in a legitimate email address or use fake websites or fake social media and WhatsApp profiles to scam you, ”the group said.

A “returning” email can be modified slightly (very difficult to detect). This leads to fake documentation being passed on to the unsuspecting customer, as this is a communication from the company or the consultant. For example [email protected] will be changed to [email protected]

Most likely, you had to look more than once to see the change, the financial services firm said.

Another scam to look out for is people replicating email address naming convention, said Momentum Metropolitan. It’s very easy to find or pinpoint the addresses of CEOs or employees whose names you may recognize, which adds to the supposed legitimacy of an email.

You may receive an email from a real employee. However, if you reply, it will be sent to a completely different address. Hover over the email address or copy and paste it into a new email to see which forwarding email address appears. [email protected] could be revealed to be [email protected]

Constantly review and refine the strength of your passwords, said Momentum Metropolitan. Password123 is not a good password. Do not use the same password for all of your online activities. If a password is cracked, it will open all of your login credentials and continue to warn.

“We ask everyone to follow the usual tips: watch out for promises of loans with low repayment or high return on investment in a short period of time. If it’s too good to be true, it probably is, “said the cyber security experts.

“If something feels wrong, stop and see what you are doing. Check every detail and spelling, scan your cursor over email addresses, and even contact the company directly to verify that you are actually doing business with them.

“In particular, be sure to check bank deposit details and never add cash or deposits to anyone’s account. A moment to check or a phone call can save you from getting caught. “

In summary:

The don’ts

  • Do not hand in cash or make deposits without checking out first.
  • Never deposit funds into an account without a valid contract.
  • Never deposit cash or deposit funds into someone’s personal bank accounts.

The Dos

  • Check the spelling of emails and websites carefully. Sometimes scammers change a letter of the address to make it seem legitimate, i.e. H. [email protected]
  • Make sure to reply to the email address you want to reply to.
  • If you have any doubts, ask your financial advisor or your contact person [email protected]

Read: Beware of These 3 South African Bank Scams

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