- Some of the most common fraud schemes affecting customers include account takeovers, where a fraudster successfully gains access to a customer’s bank account and performs fraudulent transfers.
- This could be through the unauthorized access of personal information such as phone numbers, ID numbers, Mobile/Internet Banking PINs or Passwords.
The financial sector, particularly the banking institutions, have been affected by fraud, and the problem isn’t going away anytime soon.
Fraudsters are getting more skilled as consumers and companies gradually move to a digital-first lifestyle.
Some of the most common fraud schemes affecting customers include account takeovers, where a fraudster successfully gains access to a customer’s bank account and performs fraudulent transfers.
This could be through the unauthorized access of personal information such as phone numbers, ID numbers, Mobile/Internet Banking PINs or Passwords.
When it comes to mobile banking, SIM Swap Fraud is one of the common ways in which fraudsters gain illegal access to bank accounts.
To do this, the fraudsters illegally substitute or hijack a target customer’s mobile number.
In some cases, fraudsters can pretend to be employees from a trusted institution such as the bank and dupe the victim into disclosing confidential information including set up and transaction OTPs which allows them to transfer funds to accounts controlled by the fraudsters
When using mobile banking, you are advised to never share personal information such as username, password, PIN and OTP with anyone including family, relatives and friends.
You should also avoid storing sensitive information such as passwords or account numbers on your mobile devices as they have a high likelihood of being stolen or lost.
If you lose your mobile device, your first step of action is to immediately report the loss to your mobile service provider and your bank to deter or reduce the risk of fraud.
For those using mobile apps, ensure that you sign out of your mobile banking App after use as opposed to just closing the app.
Always ensure that you log off or sign out of your online banking sessions. You are also urged not to let your mobile, laptop or ATM card out of your sight as this could expose your information to fraudsters.
Avoid using cyber cafes or public WI-FI when accessing your bank account on digital channels.
Do not click on random links in emails, social media pages and online advertisements or download unsolicited files as they may contain malware that can be used by hackers to access your account.
It is also important to ensure your computer is running on the latest software version.
Customers are encouraged to contact their bank whenever they feel that they may be targets of fraud and forward suspicious SMS messages to the anti-fraud hotline 333.
Banks also have dedicated contacts through which customers can reach them, for instance, Equity customers are encouraged to call 0763 000 000 with details of their fraud complaints.
If official communication is coming from a number other than 0763 000 000, Equity customers are advised not to engage and instead report the number through SMS to 333.