Fraud Prevention and Security
In today’s fast-moving digital world, fraudsters are becoming increasingly sophisticated. They use false information to try and steal your private data or financial resources. Because anyone can be a target, staying alert is essential. Your best defence against fraud is knowing their common tricks and how to respond.
Being proactive and watchful is vital to guard your monetary and personal well-being.
How to Protect Your Account
Five habits that help protect your money and identity.
Keep Your Login Details Secret
Never share your internet banking login details, payment card information, or SMS one-time passwords with anyone. We will never ask you for these details unsolicited.
Protect Your PINs and Codes
Only use your PIN or security codes when you have personally initiated an action, like logging in or making a payment. If someone requests a PIN that you did not initiate, never provide it.
Verify Before You Approve
Always check the purpose and origin of any security codes before entering them. Scammers frequently use fake prompts to trick victims into approving unauthorized transactions.
Limit Your Digital Footprint
Do not make your personal data freely available online, as fraudsters can use it to impersonate you or access your accounts. Ensure that any information you are provided with is confirmed.
Use Strong Security Measures
Secure your accounts with strong, diverse passwords and enable two-factor authentication (2FA) wherever possible. Ensure you never give another person control over your accounts.
Common Types of Fraud to Watch Out For
Recognizing these common fraud types helps you stay cautious and protected.
Phishing
Fraudsters send emails or create fake websites to trick you into revealing personal or financial information.
Example: An email pretending to be from your bank, asking you to click a link and enter your login details.
Smishing (SMS Phishing)
Similar to phishing but done through text messages that urge you to click links or provide sensitive data.
Example: A text from a fake courier service asking for a payment to release a package.
Vishing (Voice Phishing)
Scammers call you pretending to be from a legitimate organization, like a bank or government agency, to extract information.
Example: A caller claiming to be from the tax authority threatening legal action if you don’t pay immediately.
Online Shopping Scams
Fraudulent websites or sellers trick you into paying for goods that are never delivered.
Example: Buying an item from a fake online store and never receiving it.
Investment Scams
Fraudsters promise unusually high returns to lure you into handing over money for fake schemes.
Example: A “too-good-to-be-true” opportunity guaranteeing quick profits.
Romance Scams
Scammers create fake dating profiles to build trust and exploit you emotionally or financially.
Example: An online partner asking for money for an emergency or to visit you.
Lottery and Prize Scams
You are told you have won a prize but must pay a fee to claim it.
Example: An email stating you won a large sum but need to transfer a processing fee.
Job Scams
Fake job openings offering high pay for minimal work are posted to lure applicants. Legitimate employers will never ask you to pay to get a job.
Example: Being asked to pay upfront for training, application fees, or equipment.
What to Do If You Suspect Fraud
If you believe you have been targeted or victimized by a scam, take these steps immediately.
- 1Stay Calm and Gather Evidence. Keep your head clear and collect all relevant information, including the scam emails, text messages, or records of illegal transactions.
- 2Contact Us Immediately. Reach out to us at [email protected] right away so we can advise you on the next steps. We can freeze your accounts or issue new cards if necessary.
- 3Change Your Passwords. Update passwords on your online accounts right away, starting with the ones most likely to have been breached.
- 4Report the Incident. File a report with your local law enforcement agency. You should also report scams to your telecommunication providers or national cybercrime authorities.
- 5Stay Informed. Continue educating yourself about the most common fraud schemes and share your knowledge with friends and family.