Standard Bank warns of new ‘fraud department’ scam

 ·19 Mar 2019

Standard Bank has issued a warning about a new scam targeting its customers.

The bank said that fraudsters were contacting customers and impersonating Standard Bank fraud department personnel.

The scammers then request one-time passwords (OTPs) used to perform online transactions, the bank said.

Standard Bank said that customers should never share their OTPs with anyone.

It also warned customers to never share the number on the bank of their bank card or the card’s expiry date.

Scam cases increasing

Absa also recently urged customers to be vigilant against any attempt to dupe them into handing over their “keys to the safe” – card PIN, card CVV, card one-time PIN (OTP), online banking PIN, online banking password – to third parties.

Citing external studies, Absa said that during the first half of 2018, 4.5 billion customer data records globally were reported to have been compromised – 86% of all consumer information has been compromised through spam emails and data breaches. Studies also showed that 97% of customers struggle to differentiate between a phishing email and a legitimate email.

  • Phishing – impersonation through emails, commonly containing hyperlinks;
  • Vishing – impersonation through phone calls;
  • SMShing – impersonation through text messages where the customer is requested to open the link and complete the fields.

In South Africa, digital banking fraud cases increased by 64% over the past year; these impact the entire financial services industry, Absa said.

Read: Absa reports big jump in digital and card fraud

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