Banking scams on the rise

Scammers constantly devise new methods to steal from their victims.

- 

CYBERSECURITY: THERE ARE MULTIPLE WAYS CONSUMERS CAN PROTECT THEMSELVES

Banking scams are still increasing despite extra measures to protect banking clients, but there are steps consumers can take to add to the layer of protection.

Many South Africans recently contacted a popular Johannesburg radio station reporting increased attempts at banking fraud, with scammers sometimes becoming increasingly aggressive and convincing.

"It is essential to know how to spot a scam and what measures you have available to prevent you becoming a victim," said Roy Retief, head of operations at the SA Fraud Prevention Service (SAFPS).

Impersonation fraud

When it comes to banking scams, scammers constantly devise new methods to steal from their victims, but most common scams follow a formula.

"In line with the gravitation towards online banking, many scammers will phone their potential victims posing as a bank representative and tell them they need to perform an important action on their online banking profile." Scammers are often tech-savvy and can remotely access a victim's compromised mobile device, triggering a technical issue to create a panic, Retief said.