Nedbank fraud warning for South Africa

Nedbank has issued a warning to its customers, detailing the lengths criminals will go to get their banking details.

In a notice sent to customers on its app, the group said that criminals use several tricks to steal one’s card information.

Once they have someone’s information, they may use it to make online purchases, register a digital wallet, or download the Money App on their device without the victim’s knowledge.

In addition, criminals may pose as Nedbank employees, saying that they need to reverse a fraudulent transaction, offer to convert Greenbacks into cash, send phishing emails, or post social media scams in which they ask you to share your card details or insert them into a website that you accessed through a link.

In some cases, criminals may ask you to accept an Approve-it message or share an OTP to approve their transaction.

They may even swap the SIM on your cellphone number so the victim won’t receive their banking notifications.

Nedbank offered its customers the following tips to stay safe:

• Never share your card pin, expiration date, or CSC over the phone or enter them into a website you accessed via a link.

• Read the approve-it messages carefully before accepting them, and never share your OTP.

• Manage your banking profile – adjust your card limits and toggle off functionalities that you do not use.

• Avoid entering your card details on websites with unrealistically low-priced products and/or T&Cs automatically enrolling you in subscriptions or long-term monthly payments. Always read the fine print.

• Call the bank if you receive a notification on a SIM swap that you did not request or if your phone has been lost or stolen.

• Call the bank if they suspect that their card details have been compromised or if they suspect fraud.

Not the first bank

Several South African banks recently informed BusinessTech about common scams that are spreading in the country.

Discovery Bank highlighted several scams, such as the courier scam, in which clients awaiting a package are sent a fake email or SMS asking for a small fee to release the delivery of their goods. The criminals then steal the customer’s card details.

The Digital Bank also warned about purchase scams, in which non-existent products or services are advertised on social media platforms. Victims make payments only for the scammer to disappear.

Employment scams are also making the rounds, where victims must pay a small fee to secure a fake job.

It repeated Nedbank’s warnings about vishing, in which fraudsters pose as bank representatives and claim that the victim’s account has been compromised, with the victim then sharing their details.

Phishing, which uses emails and links, and smishing, which uses SMS messages, are also being used to get customers to share their card details via a fraudulent site.

Discovery Bank also warned about investment scams, where scams offer unrealistically high returns with little to no risks.

Finally, it highlighted loyalty programme scams, where fraudsters send phishing emails or SMS messages claiming to be from a client’s mobile network provider, warning that their loyalty points are about to expire. 

The victims are then sent to a fake site where the client is asked to enter their card details on the false pretence that they are either to pay for additional rewards or cover the cost of delivery for prizes supposedly won through the loyalty programme.

When it comes to violent crime, Absa warned that customers should also be on the look out for kidnappings.

Although Absa has not seen many reported cases, it did note that some individuals are targeted and forced to transfer funds.

Read: Capitec warns about fraud and scams targeting customers in South Africa