As we approach the festive season, it’s important to be aware of the increased risk of financial crime, warns the South African Banking Risk Information Centre (SABRIC).
Scammers are always on the lookout for easy targets, and the holiday season provides the perfect opportunity for them to strike.
According to SABRIC 2023 annual crime statistics report, financial crime, particularly cybercrime, is on the rise.
One of the most common tactics used by scammers is tricking individuals into sharing personal information like PIN codes or OTPs.
They may pose as representatives from reputable companies or banks to gain trust.
It’s vital to verify the authenticity of any communication before sharing any information.
Avoid clicking on links in emails or messages and refrain from sharing personal data on social media.
Another red flag to watch out for is requests for payment using unusual methods such as gift cards, cryptocurrency, or wire transfers.
Scammers use these methods to make it difficult for victims to recover stolen funds.
Beware of urgent payment requests for unordered goods/services or upfront payment requests for prizes/funds.
Being cyber smart is key to protecting yourself from financial scams.
Shop only on secure websites with strong passwords and enable two-factor authentication whenever possible.
Keep bank cards and devices secure, report lost/stolen cards immediately and avoid accessing online banking on public Wi-Fi networks.
Monitor your finances regularly by checking bank accounts and credit reports for unauthorized transactions.
Report any suspicious activity to your financial service provider promptly.
Stay informed and cautious, as fraudsters are always looking for vulnerabilities to exploit.
Enjoy the festive season but remember to stay vigilant and protect yourself from financial crime.
By following these tips, you can reduce the risk of falling victim to scams and keep your finances safe and secure.
Stay safe and have a happy holiday!
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