Standard Bank has cautioned the public to be vigilant as incidents of vishing are becoming more prevalent, resulting in many clients losing their hard-earned money at the hands of criminal syndicates.
Vishing is a form of fraud whereby fraudsters telephonically contact clients and attempt to solicit private information from them. This private information includes banking details such as the name of their bank and their bank account number, as well as their credit or debit card number, the card expiry date, the card verification value (CVV) number, the card (ATM) PIN, or One Time Password (OTP), etc. This information can then be used to perform card-not-present (CNP) transactions such as online or internet transfers and purchases.
Fraudsters make use of various means to trick clients into believing they are bank officials and that they are calling to assist the client with an account or security upgrade, which requires a client to verify or confirm their private information, amongst other things.
The fraudsters usually first seek to establish a sense of trust with the client, by sharing certain information which the client believes would only be known to someone working at the bank. They will also try to create a sense of urgency by telling the client that their account is or will be compromised or suspended if they do not act or provide the information. The fear of having their accounts compromised or suspended, forces clients to divulge private information over the telephone.
Standard Bank has further urged clients to be extra cautious when they receive such calls and to immediately report these calls and any suspected fraudulent activities, by contacting the Standard Bank Customer Contact Centre. Criminals are however always trying to find new ways to scam people out of their money and clients are thus encouraged to:
Do:
• Authenticate any communication (including telephone call) received by calling the Bank’s Customer Contact Centre to validate the number from which the telephone call or text message was received.
• Report any suspicious telephone call, text message or email to the Bank.
• Remain vigilant and keep abreast of new fraud trends and the latest methods used by fraudsters.
• Immediately report any instance where you have, by any chance, mistakenly revealed your bank details to a third party, whom you suspect to be a scammer.
Don’t:
• Share private information when you receive unsolicited phone calls, text messages, or emails.
• Divulge or disclose your account numbers, passwords, card details, PINs, OTPs and other private information over the telephone, in a text message or via email.
• Continue with a conversation if you feel uncomfortable. Hang up and call your Bank on the number you are familiar with to confirm if the call came from them.
• Call telephone numbers contained in unsolicited emails or other forms of communication. Always validate the number by checking it in the telephone directory, or the official website of the entity / company.
Standard Bank also assured its clients and the public that it will never compromise their safety by asking their card information (card number, PIN, CVV number and OTP) telephonically or, via text message or email.