South Africa has recorded a steady increase in online financial fraud over the years. While many banks and financial institutions have taken the initiative to educate clients and the general public on possible threats, the industry has still continued to record high numbers of victims. Here are some new and potential threats you need to know.
Phishing refers to any attack by which fraudsters impersonate a legitimate company or e-commerce site and attempt to steal people’s personal information or login credentials. Once on the website, which generally looks and feels much like the valid eCommerce/banking site, you are instructed to login to your account and enter sensitive financial information such as the bank PIN. This information is then used to engage in credit card and bank fraud – or outright identity theft.
Greeting card scams
Greeting card scams are designed to look like its from a friend or family member in an email format. Once the unsuspecting receiver clicks the link to view the card, it usually leads to a booby-trapped web page that downloads Trojans and other malicious software onto the systems of the targeted victim.
Cold calling technical support scam
With this scam, fraudsters call an unsuspecting victim, claiming they are from a reputable computer or software company and that they need the victim to “sort out a problem” with their PC. The scammer then guides the victim through a process to fix the so-called “issue” and as a result allows him remote access to the targeted PC. With the remote access, the scammer loads malware and harvests the victim’s banking and financial details.