Historically, the vast majority of complaints received by the Ombudsman for Banking Services were the result of ATM issues. In recent years, however, online-related complaints were the main headache - with phishing the major underlying cause.
With phishing, fraudsters impersonate a bank via email and entice the customer to click on links that redirect them to a fraudulent banking site, duping them into sharing their details and robbing them, says Cowyk Fox, the managing executive for Everyday Banking at Absa Retail and Business Bank. With vishing, fraudsters call the customer claiming to be from their bank and ask for account and login details to urgently “stop” a fictitious transaction.
Phishing and vishing are examples of social engineering - the act of manipulating customers into sharing their personal information.
Since fraud is constantly evolving, it is not possible to provide hard and fast rules as a guarantee against fraud. However, there are steps customers can take to protect themselves: