The South African Banking Risk Information Centre (Sabric) warns that you should always be on the lookout for phishing, vishing and smishing scams.
Phishing emails request that users click on a link in the email which then directs them to a “spoofed” website, designed to fool users into thinking that it is a legitimate attempt to obtain, verify or update contact details or other sensitive financial information. The spoofed website will look almost exactly like that of a legitimate or a well-known financial institution. Phishing emails, which are a form of spam emails, are typically sent in large numbers to consumer email accounts.
Vishing is when a fraudster phones their victim posing as a bank official or service provider and uses social engineering tactics to manipulate them into disclosing confidential information, while at the same time leading them to believe that they are speaking to the bank or service provider. This information is then used to defraud the victim.
Smishing, short for “SMS phishing” is like phishing, except that a user is tricked into downloading malware onto their mobile device which is then used to fraudulently obtain sensitive information by sending out text messages asking users to call a number or click on a link.
Phishing, vishing and smishing are all methods of deceitfully obtaining personal information such as passwords, ID numbers and bank card details by tricking clients into believing that they are from trusted sources, such as banks or legitimate companies.