Publish Date: 20/08/2018
Phishing is fast becoming one of the leading examples of fraud. It makes up 80% of malicious software attacks and ranks third on the list of fraudulent activities, behind identity theft and credit card disputes.
What is phishing?
Phishing is when criminals use a form of electronic communication, like SMS or email, to try and extract sensitive information like usernames, passwords and credit card details. Clever social engineering tactics are regularly used by criminals to trick their victims into disclosing their banking login credentials, often under the pretence of a ‘security protocol’. Unsuspecting customers honestly believe they are speaking to a credible source from their bank and disclose sensitive information.
Once a criminal has your mobile banking pin or password, a fraudulent sim swop is conducted on the cell phone number. This allows the criminals to transact as if they were the real account holder. Once the sim has been deactivated, no notifications of these transactions will be received by the victim. This makes the fraud difficult to detect.
Although most people are aware of the scams and would not normally give out important information, these fraudsters are constantly coming up with new ways to dupe unsuspecting people. They are so clever and believable that many people still fall victim to their schemes. They are not even aware that they have been scammed until it is too late.
Useful advice to prevent you from becoming a victim of phishing:
In the event that you do get caught and believe your information has been compromised, change your internet banking credentials immediately and advise the bank accordingly.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.