15 February 2010
In terms of convenience and simplicity, Internet banking certainly beats traipsing off to your bank branch and standing in a queue everytime you want to make a transaction. However, internet banking is not without risks. Security always needs to be front-of-mind and one must be aware of scams such as phishing attacks.
So what exactly is phishing? In a nutshell, it is when criminals lure customers into giving out their own personal information. This is usually done by sending out emails that look like they come from a bank, and asking consumers to update their details. Once criminals have this information, they can use it to commit fraud.
The South African Banking Risk Information Centre (SABRIC) is worried about an increase in phishing attacks on South African bank clients. SABRIC CEO Kalyani Pillay says the industry “is particularly disturbed by the realistic nature of phishing e-mails that are doing the rounds, which point to well orchestrated scams by the perpetrators”.
He goes on to say, “Perpetrators have now customised their approach to make their scams more believable to a typical SA bank client. Instead of just a single word, the phishing emails now contain references to the website names of local banks in their entirety, which makes it even more difficult for clients to dismiss the emails as part of a scam. We urge bank clients to stay alert so as to avoid falling victim.”
Here are a couple of safety precautions to keep in mind when using Internet banking:
- Do not open emails from unknown sources – delete them immediately, even if the title and sender details appear to be related to your bank.
- Remember that banks will never ask you to confirm or update your account details via email. If you receive such a request, delete the email.
- Ensure that you have the latest anti-virus software applications loaded and running on your computer.
- Only provide your credit card details to reputable companies.
- Set sensible transaction limits on your accounts.
- Avoid using Internet banking in public spaces such as Internet cafes.
- Avoid obvious banking passwords (such as your first name, birthday or address) and change them frequently.
- Don’t leave your password lying around or save it on your desktop. Remember it. Don’t write it down.
- Never leave your computer unattended once you’ve logged in to Internet Banking.
- Always log off or sign out of the Internet banking website when you’re done.
Visit
www.sabric.co.za for more information on phishing.
