Nedbank warning to South Africans using debit and credit cards

Nedbank has warned customers to exercise caution with their bank card details, with several banks highlighting the increased complexity that criminals use to acquire your information.

In a recent fraud warning to customers, Nedbank said that banking card details are the keys to one’s “banking kingdom”. Keeping them secure is critical in protecting their accounts from fraudsters.

In addition to physical card details being a prime target for fraudsters, Nedbank warned that any details that would give access to bank accounts, like online logins, should also be secured.

Although it may seem obvious to many that sharing your personal banking information is not a good idea, the sophistication of some fraudulent activities can still catch the most vigilant people off guard.

Social engineering tactics often lead South Africans to give away their details to people who claim to be from respectable institutions.

In April, Nedbank warned that impersonation fraud was on the rise, with Nedbank’s fraud department highlighting increased reporting of scammers pretending to be SARS or SAPS officials.

These callers will often pressure customers to move money to another account to keep it safe or for further verification. They could also ask customers to install an app from a WhatsApp, email, or SMS link.

They could then ask clients for their secret information, such as their Nedbank ID username and password, card PIN, expiration date, or CSC.

Amidst the growing trend of online fraud, Nedbank’s most recent fraud update provided the following tips to its clients to keep them safe:

• Never use the same usernames and passwords for each website you access – this will help prevent unauthorised access to your accounts.

• If you use the same username and password for all your accounts, and one account is compromised, all your accounts may be compromised.

• Never share your Nedbank ID username, password, or card PIN with anyone, not even a bank employee. Avoid entering them on links you accessed in a message or email.

• Make usernames and passwords different and avoid guessable information like names or birthdays. Don’t write them down or save them on your phone or browser.

• Use QR code login for Online Banking and selfie verification on the Money app for extra protection.

May be a better way

Nedbank is not the only bank highlighting the need for increased vigilance. Discovery Bank issued a similar fraud warning, also examining the rise of impersonation fraud.  

Discovery Bank recently warned customers about the rise in fraud cases, noting that scammers are increasingly impersonating banking officials.

These fake officials will often call, pretending to be from the bank’s fraud team, claiming suspicious transactions on an account. They will then pressure victims to reveal their card details.

However, Discovery Bank, like Nedbank, said that no legitimate bank would ever ask for card details to confirm or reverse a transaction or process a refund.

“Scammers call pretending to be from the bank’s fraud team, pressuring you to share your card details by claiming fraudulent transactions on your account. Banks will never ask for your full or missing card details.”

These warnings align with the latest Discovery Bank SpendTrend25 report conducted in partnership with Visa.

Using a public survey on 1,000 high-earning South Africans who actively use credit cards, the report reflected growing public concern about digital security and fraud.

The study showed that more than 60% of respondents are more concerned about banking security now than they were a year ago.

63% of respondents added that they have personally experienced card fraud or know someone who has. 

The report also showed that receiving scam messages via email, SMS, or phone calls impacted 76% of respondents.

Although the trust in banks remains high, the increased sophistication of scams means that many people are moving to digital wallets and virtual cards due to their added security features.

Virtual cards, for instance, are stored within secure apps and cannot be physically stolen or cloned, which makes them less vulnerable to fraud.