"Bank customers should educate themselves about the modus operandi of fraudsters and adopt safe online banking practices in order to avoid falling prey to phishing scams," says Gavin Opperman, CE of Absa Retail Bank.
"Phishing is done via SMS, email or telephone and aims to get hold of your personal and banking details in order to fraudulently withdraw money from your account. Never divulge your banking details to anyone via any of these channels. Also, the golden rule to be remembered is that the bank will never send you an email requesting that you click on a link or attachment to upgrade your service or to confirm your logon details," he emphasises.
"The bank continually upgrades its security measures and monitors the latest online fraud tactics. This year, we have seen fraudsters becoming more sophisticated in their attempts."
He cautions against a relatively new scam known as 'SIM swapping' whereby fraudsters illegally replicate cellular SIM cards in order to obtain the passwords that customers utilise when conducting online banking.
"SIM swaps are normally done by using fraudulent ID books at cellular outlets. Though it is not always easy for the user to detect a SIM swap, a tell-tale sign could be the permanent loss of cellphone signal for no apparent reason, in which case it is important for them to contact their network operator and report the incident."
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