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5 things people need to remember to prevent banking fraud

Criminals will use a variety of methods to gain access to your online banking account or they may persuade you to transfer money into their accounts. Picture: File

Criminals will use a variety of methods to gain access to your online banking account or they may persuade you to transfer money into their accounts. Picture: File

Published Jun 20, 2022

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With the onset of Covid-19 and developments in technology, more people have made the move to online banking.

However, with the move to online banking people have become vulnerable to bank fraud.

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Criminals will use a variety of methods to gain access to your online banking account or they may persuade you to transfer money into their accounts.

One of the ways criminals target people is pretending to be a legitimate organisation such as the bank and contacting customers by phone or by email.

There are ways prevent yourself from being a victim of banking fraud whether online or not.

Here is what to remember:

1. Your bank will never ask you:

  • To transfer money in your account to another account.
  • For a PIN number, online banking passwords or any passcode/SMS sent to your mobile device.
  • To provide an One Time Passcode (OTP)/SMS code over the phone.
  • To withdraw money and then give it to them for safe keeping.
  • To check the number called from matches their registered number (fraudsters can clone the number displayed).
  • To set up a “safe” account without your permission.

2. Check any calls with an independent source, such as dialling the telephone number on the company’s website. It’s important for people to know that fraudsters will keep the phone line open, so it’s better to call from another phone.

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3. Don’t allow anyone to access your computer unless they are authorised to do so (for example, your company’s IT department). If someone does have access to your computer, don’t access online banking accounts or any other accounts.

4. Use different passwords for different applications and online sites. If necessary, use a secure password manager to safely store and create passwords.

5. If in doubt, speak to your bank by calling the number on the website, the number on your statement or any other established communication channel.

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