Be your money’s best protection - Part 1

LIFESTYLE NEWS - SABRIC, the South African Banking Risk Information Centre, offers these useful tips to safeguard your money.

1. Prevent Card Not Present (CNP) Fraud

Personal information includes identity documents, driver’s licenses, passports, addresses and contact details amongst others. Always protect your personal information by sharing it very selectively and on a need to know basis only.
Never share your confidential information which includes usernames, passwords and PIN numbers with anyone.
Review your account statements on a timely basis; query disputed transactions with your bank immediately.
When shopping online, only place orders with your card on a secure website.
Register for 3D Secure.
Implement dual authentication for all accounts and products, especially for financial services products.
Do not send e-mails that quote your card number and expiry date.
Do not use your information if you suspect it may have been compromised. Rather use other personal information that you have not used previously in order to confirm your identity in future.
Register for SMS notifications to alert you when products and accounts are accessed.
Conduct regular credit checks to verify whether someone has applied for credit using your personal information and if so, advise the credit grantor immediately.
Investigate and register for credit related alerts offered by credit bureaus.

2. Phishing and Vishing

Phishing:

Do not click on links or icons in unsolicited e-mails.
Do not reply to these e-mails. Delete them immediately.
Do not believe the content of unsolicited e-mails blindly. If you are worried about what is alleged, use your own contact details to contact the sender to confirm.
Type in the URL (uniform resource locator or domain names) for your bank in the internet browser if you need to access your bank’s webpage.
Check that you are on the real site before using any personal information.
If you think that you might have been compromised, contact your bank immediately.
Create complicated passwords that are not easy to decipher and change them often.

Vishing:

Banks will never ask you to confirm your confidential information over the phone.
If you receive a phone call requesting confidential or personal information, do not respond and end the call.
If you receive an OTP on your phone without having transacted yourself, it was likely prompted by a fraudster using your personal information. Do not provide the OTP telephonically to anybody. Contact your bank immediately to alert them to the possibility that your information may have been compromised.
If you lose mobile connectivity under circumstances where you are usually connected, check whether you may have been the victim of a SIM swop.

For more information go to www.sabric.co.za

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