Standard Bank has warned of a new vishing scam fraudsters are using to target its customers.
Scammers are posing as legitimate bank representativess and often sound believable because they may have obtained some of your valid personal information, such as your address or ID number, the lender said.
Using your information, they gain your trust and encourage you to share your personal banking data such as your OTP so that they may make fraudulent transactions on your account, it said.
Standard Bank said that a typical vishing scam call may go something like this:
“Hello is this Mrs P Ndlovu? My name is John Doe, I’m calling you from Standard Bank Fraud Contact Centre. We have detected possible fraud on your account, but before I can help you I need to confirm your address and ID Number. Is your physical address 123 First Avenue, Randburg? And can I confirm your ID number is 560514xxxxxx?”
This is how the scammer first creates panic and then gains your trust so that you will share banking information with them without becoming suspicious, Standard Bank said.
The scammer will then typically advise you that the bank has detected fraud on your account and will request your card information and an OTP that will follow – explaining that they need this information to stop the fraudulent transactions on your account, or to block your account.
“What has actually happened is the scammer is using the card information you have given them to make fraudulent online purchases,” Standard Bank said.
“They will then ask you to share the OTP that follows to ‘stop the fraud,’ when in fact they are using your OTP to complete their illegal transaction.”
The bank said that some scammers go even further, by keeping you on the phone asking you to share additional OTPs to ‘reverse these fraudulent transactions’ when in fact, all they are doing is using every OTP you share to complete another fraudulent online purchase.
The bank provided some of the following tips to keep safe from vishing:
- Criminals can mask their telephone numbers to make it appear as if they are calling from a legitimate company;
- Never share personal and confidential information with strangers over the phone, or by email or SMS;
- Remember, that Banks will never ask you to confirm your confidential information over the phone, or by email or SMS;
- If you receive a phone call from anyone requesting confidential or personal information, refuse to share your information and end the call immediately;
- If you receive OTP on your phone without having transacted yourself, it is likely that it is a scammer who has used your personal information in an attempt to commit a fraudulent online transaction. Do not provide your OTP to anybody;
- If you detect any suspicious transactions on your account, please contact us immediately on 0800 222 050.