The South African Banking Risk Information Centre (Sabric) has launched its Schemes and Scams Campaign, aimed at creating awareness around banking scams in the country.<\/p>\n
\u201cConsumers need to take the power into their own hands by ensuring they are informed on how to protect themselves, especially when doing business online,\u201d said Kalyani Pillay, Sabric CEO.<\/p>\n
The first phase of Sabric\u2019s Schemes and Scams Campaign focusses on the fraudulent change of bank account details scam, and deposit and refund scams.<\/p>\n
A potential business victim receives\u00a0an email or letter informing them a supplier of theirs has changed their bank account details.<\/p>\n
The correspondence will include the details of the new account. You will be asked to make future payments into the new account \u2013 these details are fraudulent.<\/p>\n
In certain instances, the fraudster also phones the victim\u00a0about the bank account details change.<\/p>\n
The call will be used by the fraudster so they can extract information to make their email\/letter\u00a0more authentic.<\/p>\n
Criminals use social engineering to accumulate the information they need for this scam, and corporates, and their clients and partners, are targets.<\/p>\n
A criminal orders goods or services from a business and makes a payment into the victim\u2019s account, normally through\u00a0a fraudulent cheque.<\/p>\n
Proof of payment is then sent to the business and goods are delivered to the criminal.<\/p>\n
The bank then processes the cheque, it is deemed fraudulent, and no funds are transferred to the victim\u2019s account.<\/p>\n
In other instances, the order is cancelled and an urgent refund is requested.<\/p>\n
Alternatively, a payment is made in \u201cerror\u201d and an urgent refund is requested.<\/p>\n
This scam is characterised by a fraudster requesting a quotation for a specific service or goods.<\/p>\n
\u201cPayment\u201d is then made and proof of payment is provided for an amount that far exceeds the quotation.<\/p>\n
For example, if the quotation is for R2,990, the fraudulent deposit would be for R22,990.<\/p>\n
The supplier\u2019s office would then be contacted and an urgent refund would be requested.<\/p>\n
The service provider will go through their records and notice an extra amount has been paid \u2013 they then refund the \u201coverpayment\u201d.<\/p>\n
They later\u00a0notice that the original deposit was reversed as it was made with a fraudulent cheque.<\/p>\n
Cyber security is a battle of the people versus email scammers<\/a><\/strong><\/p>\n Scammers try cash in on Zuma\u2019s R7.8 million Nkandla bill<\/a><\/strong><\/p>\n