Online banking fraud on the rise – How to stay safe before the holiday season


The South African Banking Risk Information Center (Sabric) has released its annual crime statistics for 2020, which show that Covid-19 and the current state of the disaster “have had a notable influence” on crime trends. READ ALSO : Bank fraud schemes you need to know According to Sabric, the current state of affairs “triggers human behavior, human movements and policing,” which in turn creates new opportunities for criminals. Bank fraud spike New opportunities for criminals One of the latest crime trends is in banking, especially with customers turning to online shopping and paying through apps. Sabric says “Criminals have stepped up their efforts to phish customers to steal their personal data in order to defraud them on digital and online platforms.” “Overall, Sabric has seen an increase in incidents of banking crime. Digital bank fraud has increased by 33%. Debit card fraud increased by 22%. Online banking: how to protect yourself? Sabric suggests that personal information such as documents, driver’s licenses, passports, addresses and contact details be kept under lock and key, wherever possible. “Always protect your personal information by sharing it very selectively and on a need-to-know basis. It also goes without saying that usernames, passwords and PIN codes must be kept in a safe place. An additional layer of security would be to review your account statements regularly. Additional safety tips Sabric also suggests the following:

  • When shopping online, only place orders with your card on a secure website.
  • Register for 3D Secure.
  • Implement two-factor authentication for all accounts and products, especially for financial services products.
  • Do not send e-mails mentioning your card number and its expiration date.
  • Do not use your information if you believe it may have been compromised. Instead, use other personal information that you have not used before to confirm your identity in the future.
  • Register to receive SMS notifications to alert you when products and accounts are viewed.
  • Perform regular credit checks to see if someone has applied for credit using your
  • information and, if applicable, immediately notify the lender.
  • Investigate and sign up for credit alerts offered by credit bureaus.

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