Bank customers should be aware of bank-related scams to avoid falling victim to them, the SA Banking Risk Information Centre (Sabric) said on Tuesday.<\/p>\n
“We want to warn customers to be vigilant during the festive season, especially around scams that promise you huge returns with minimal effort,” chief executive Kalyani Pillay said in a statement.<\/p>\n
These included “advance fee scams”, where the victim receives an sms or e-mail informing them that they have won a prize and urging them to contact someone in order to claim it.<\/p>\n
However, the fraudster would try to convince the victim that they need to pay a fee in order to claim the prize.<\/p>\n
The public was also warned of deposit and refund scams, where criminals ordered goods or services from a company or person then deposited money — or frequently a fraudulent cheque — as payment.<\/p>\n
The criminals often send “proof of payment” for the release of the purchased item, or urgently request a refund.<\/p>\n
When the bank processes the cheque, thus discovering it is invalid, or if it is discovered that no payment was made, the credit on the victim’s bank account is reversed.<\/p>\n
As a result, no funds are transferred into the victim’s account and the victim is left with neither the money nor the goods.<\/p>\n
Sabric advised the public to follow the maxim “If something seems too good to be true, then it probably is”.<\/p>\n
“Fraudsters often use the names of reputable companies to try to con people into believing that their scams are legitimate,” Pillay said.<\/p>\n
“Do not accept unsolicited communications at face value.”<\/p>\n
Internet fraud and phishing costs SA R2.2 billion<\/a><\/strong><\/p>\n Card fraud shocker in South Africa<\/a><\/strong><\/p>\n