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Online Fraud in Banking: What You Need to Know
Phishing scams are on the rise in Botswana, with fraudsters using fraudulent emails to trick unsuspecting victims into sharing sensitive information. Here’s how you can protect yourself from falling victim to this type of scam.
How Phishing Scams Work
Fraudulent emails may appear to be from a trusted source, such as your bank or a well-known company. They aim to trick you into clicking on malicious links, opening malware-containing attachments, and disclosing sensitive information like passwords, PINs, and credit card numbers.
Warning Signs of Suspicious Emails
- Grammar and spelling errors
- Unverified email addresses
- Suspicious URLs
- Requests for sensitive information
To avoid falling prey to these scams, look out for suspicious-looking emails that ask you to provide login information. Absa, Botswana’s leading bank, has warned its customers of a surge in phishing attacks, urging them to be cautious when receiving unsolicited emails with links or attachments.
Prevention Tips
- Never share PINs, passwords, passcodes, or card CVV numbers with anyone over the phone
- Beware of diverting numbers, especially if they ask you to call back
- Activate app authentication on your mobile banking app and protect your personal information when interacting with strangers online
SMiShing: The New Type of Phishing Attack
SMiShing is a type of phishing attack that uses text messages. Fraudsters send urgent and deceptive texts threatening to block accounts unless you provide sensitive information. Absa has warned customers not to click on links or download attachments from suspicious sources.
Other Types of Online Fraud
- Cheque Fraud: Wait for clearance before handing over goods or issuing a refund, beware of overpayment, report lost cheques, and keep your chequebook in a safe place at all times.
- Supplier Fraud: Always verify changes received from suppliers and ensure that supplier/beneficiary banking details are authentic. Be cautious of diverted correspondence and suspicious emails with confirming addresses differing by a single letter.
- Tech Support Scams: Keep software current with the latest security patches, avoid unexpected calls, and don’t grant computer control to third parties. Never provide passwords, credit card details, or financial information to unsolicited tech support claims.
What to Do If You Suspect Fraud
If you suspect fraud, report it to your relationship executive immediately or contact Absa Customer Service at +2673159575. Reporting to the police is also highly recommended.
By being aware of these scams and taking steps to prevent them, you can protect yourself from falling victim to online fraud in Botswana. Remember to always verify changes, be cautious of suspicious emails and texts, and keep your personal information secure.