South Africa
Personal
Business
Wealth

How to avoid falling victim to cybercrime

Banking fraud is a prevalent concern in South Africa, with fraudsters coming up with new ways to scam unsuspecting people. Protecting your financial assets and personal information is very important in this digital age.

1. Use strong and unique passwords

Ensure that you use strong, unique passwords for your online banking and other financial accounts. Combine upper and lower-case letters, numbers, and special characters to create passwords that are difficult for hackers to guess. Avoid using simple passwords like your name, surname, your children’s names or birthdays.

2. Enable two-factor authentication (2FA)

Most banks in South Africa offer two-factor authentication (2FA) as an extra layer of security. You can enable 2FA for your online banking to receive an additional code or way to verify that it is indeed you, typically sent to your mobile device. Two factor authentication is a login system that requires you to use two separate ways to identify yourself, for example, your password plus a PIN sent to your number, before you can login. This makes it harder for fraudsters to gain access to your accounts because they would need to have access to both your password and your phone at the same time. Contact your bank to find out how you can activate your 2FA.

3. Beware of phishing attempts

Fraudsters send emails and text messages that appear to be from your bank, urging you to click on a link or icon to download an attachment that redirects you to the digital banking login site. Be cautious and verify the sender's authenticity. Banks will not ask for your digital banking login credentials via email.

4. Monitor your accounts regularly

Frequently review your bank statements and transaction history for any unauthorised or suspicious activity. Picking up on irregularities can help you act before more damage is done.

5. Use secure Wi-Fi networks

When accessing your online banking, make sure you are connected to a secure Wi-Fi network. Avoid using public Wi-Fi networks for online banking, as fraudsters may hack your digital banking profile. 6. Be wary of cold calls Beware of unsolicited calls from people claiming to be bank representatives. Legitimate banks will not request sensitive information over the phone. If in doubt, hang up and contact your bank using the official contact information from their website.

7. Stay informed

Stay informed about the latest banking fraud techniques and scams. Banks and government agencies often provide resources and information about current scams, and being aware of these can help you recognise potential threats.

8. Report suspicious activity

If you suspect you've been targeted by a banking fraud attempt or have fallen victim to one, report it to your bank and the South African Police Service immediately. Quick action can help limit the damage and prevent others from becoming victims.

Protect your personal information, using strong passwords, and stay informed about potential threats to reduce the risk of falling victim to financial scams.