![]() On receipt of the instant money voucher the customer is asked to read back the voucher details and pin to authenticate themselves however the details are being used for the fraudster to cash-out the voucher ![]() THESE ARE THE TRENDING DIGITAL SCAMS TO BE WARY OF:įraudster call customers pretending to be from the bank and advise that there’s fraud on their account, requesting an instant money voucher to be sent to themselves as a verification process. This is where we want to empower our customers with the knowledge required to avoid getting scammed and falling victims to fraudsters,” says Reddy. “As a bank it is imperative that our customer’s money is physically protected, but it has become equally imperative for it to be protected from a digital perspective. Locally, South Africa has the third highest number of cybercrime victims worldwide, and it’s estimated that it costs R2.2billion a year. For this reason, banks have become enticing targets for cybercriminals. The banking sector’s most significant security concerns come in the form of online threats, as banks process millions of transactions daily, with the majority of the transactions done through digital payment platforms. ![]() This entails a multi-factor authenticator model that leverages something you have, something you know and something you are to verify yourself,” comments Reddy.īanking fraud has become a very lucrative business for online scammers and the banking fraud matters investigated for 2021 alone exceeded R295 million as per the Ombudsman for Banking Services(OBS). “Through the DigiME solution, we are adopting an approach of partnering with our customers to jointly walk this digital journey to help against fraud. ![]()
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