There are many digitally savvy seniors nowadays but scammers like to always be a step ahead of you.
The technology is always changing, and so does the sophistication of ploys meant to empty pensioners’ pockets, especially when they’re due to receive their monthly grants.
“While banks continue to make substantial investments in security systems, criminals continue to target vulnerable customers when attempting to defraud them,” Dr Ilse Smuts, Product Growth Head, FNB Cash Investments says. “Often, the victims are senior customers who might accept unsolicited help or those who are unfortunately unaware of the modus operandi.”
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“Protecting yourself is not simply limited to your physical cash or bank card, it also includes being observant and practicing safe banking behaviour at ATMS, over the phone, on app or internet banking or through your credit/debit card data that can be used to buy goods online. It’s also important to emphasise that if one is negligent in protecting their banking details, they could unfortunately find themselves liable for debt racked up by criminals who have accessed their bank card information fraudulently.”
The bank’s Head of Fraud, FNB Card, Chris Boxall, advises senior citizens to always remember the following basics of cash and card safety when they’re banking and offers these seven tips to keep your money safe.
1. TAKE NOTE OF CASH AND CARD SAFETY MEASURES RECOMMENDED BY YOUR BANK
“There is a lot of misinformation about how customers can prevent card fraud, but it is always best to follow your bank’s recommendations on card safety, in addition to conventional ways of safekeeping your valuables.
2. DO NOT KEEP YOUR CARD TOGETHER WITH YOUR PIN
“This is one of the golden rules of card safety, but it is often ignored, because customers cannot anticipate losing their bag or wallet which tends to store such valuables.
3. DO NOT DISCLOSE SENSITIVE INFORMATION TO ANYONE
“Fraudsters might contact you pretending to be from FNB’s fraud department to assist with a fraudulent transaction or debit order. The purpose of the fraudulent call is to obtain sensitive information such as your one-time pin (OTP). The bank will never ask you for your OTP or confidential information such as your banking password. When in doubt terminate the call and contact the number at the back of your card or report fraud and cancel your cards.”
4. DO NOT APPROVE TRANSACTIONS YOU DID NOT INITIATE ON YOUR BANKING APP
“Beware of payment notifications or approval requests on your banking App, that might prompt you to approve a transaction you’re unaware of. Immediately reject or decline the approval prompts and inform your bank immediately as this could be fraud.”
5. IMMEDIATELY REPORT STOLEN AND/OR LOST CARDS
“FNB customers can easily cancel their cards or report possible fraudulent activity on their cards by using the Report function on the FNB App. The function further allows customers to replace blocked cards and schedule their own delivery by easily following the provided steps. Customers can also phone the contact centre or by visiting their nearest branches to report stolen cards as well as fraudulent card activity”.
6. TAKE ADVANTAGE OF SAFER VIRTUAL CARD AND CONTACTLESS PAYMENTS
“The introduction of new payment technologies such as contactless payments and virtual cards give consumers far more safety and control over their bank cards and payments. The virtual card has a CVV that updates hourly, which reduces the risk of fraud as the verification data changes hourly. Since the virtual card is saved within your banking app, it’s impossible for it to be lost.”
7. BEWARE OF PHISHING, TRICKSTERS AND MIMICS
“Scammers often pretend to be someone you may trust, like a banking official, an insurance agent or even a job provider. Don’t give out any card details, email addresses and other personal details to unknown persons. Avoid responding to such texts, phone calls, or emails.”
