Five things young people need to remember to prevent banking fraud

Most young people are using their smartphones for banking and to track their finances, but they should take steps to avoid being vulnerable to bank fraud.

Durban – Young people spend a lot of time on their phones, connecting with friends, scrolling through social media, and even banking.

However, with the move to online banking, young people have also become vulnerable to bank fraud.

Criminals will use a variety of methods to gain access to your online banking account.

One way in which they target people is by pretending to be from a legitimate organization such as the bank and asking for personal details or banking information.

There are ways prevent yourself from being a victim of banking fraud, whether online or not.

Here is what to remember:

1. Your bank will never ask you:

  • To transfer money in your account to another account.
  • For a PIN number, online banking passwords or any passcode/SMS sent to your mobile device.
  • To provide an One Time Passcode (OTP)/SMS code over the phone.
  • To withdraw money and then give it to them for safe keeping.
  • To check the number called from matches their registered number (fraudsters can clone the number displayed).
  • To set up a “safe” account without your permission.

2. Check any calls with an independent source, such as dialling the telephone number on the company’s website. It’s important for people to know that fraudsters will keep the phone line open, so it’s better to call from another phone.

3. Don’t allow anyone to access your smart devices such as your laptop, iPad or smartphones unless you have given them permission.

4. Use different passwords for different applications and online sites. If necessary, use a secure password manager to safely store and create passwords.

5. If in doubt, speak to your bank by calling the number on the website, the number on your statement or any other established communication channel.

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