Don’t be a vishing victim

23 January 2020 | Banking

Jacquiline Pack

In the past, the physical cloning of bankcards was one of the most prevalent methods fraudsters used to steal money from bank accounts. The introduction of chip cards forced fraudsters to seek other methods to gain access to bank accounts.
These days, fraudsters know that humans are the most vulnerable link in the security chain. As a result, they have shifted their focus to exploit this weakness. This has led to what we now call “vishing”, which is used on a large scale by fraudsters to target banking customers country and worldwide.
Vishing takes place when the fraudster contacts a victim and pretends to be a bank official. The fraudster uses social engineering techniques to convince the unsuspecting customer to confirm their identity and disclose other confidential information. The customer willingly cooperates because he or she is under the impression that they are actually talking to a bank official.
Statistics indicate that fraudsters focus mostly on persons older than 60, but this can vary. The reason for targeting senior citizens is the notion that they are believed to be not technologically savvy and that they are easy to manipulate.

How it happens
It is suspected that fraudsters gather information on their victims before they make the first call. Information includes name, address, telephone number and, in some instances, the branch where an account is held. The fraudster then calls the victim, mostly to a landline.
The social engineering marker that the fraudster uses to convince the customer to cooperate, includes a tone of urgency, which convinces the customer to take action immediately. An example that fraudsters may use is that there can be financial losses with fraudulent card transactions which have been identified on the customer’s account and that transactions can easily be stopped if the customer gives their cooperation.
Another popular way to convince the customer to cooperate is to inform them that software upgrades are required or their account will be blocked. In some instances, the fraudster pretends to be a police officer who arrested a person for possible card fraud and that they require from the customer verification of card numbers and accounts to confirm the fraud.
When the trust of the customer is gained, they are asked to supply their account’s username and password to access digital banking services. At this stage, the customer believes everything the fraudster says and gives their full cooperation.
Armed with the confidential information obtained from the customer, the fraudster now has full access of the account. With this information, customers will also unwittingly be registered for other digital services such as banking apps and electronic money services such as EasyWallet, making it easy to withdraw money immediately at any Automatic Teller Machine (ATM).
In such instances, it is rare that funds are recovered because the customer willingly shared the information with the fraudsters, and banks will not be held liable for losses incurred in this manner.

Protect yourself!
Never reveal or share personal information or information relating to your accounts with anyone over the phone, through an email, or via the internet unless the party is known to you and is reputable. Below are a few tips to protect yourself:
• Banks will never ask you to confirm your personal information over the phone.
• If you receive a transaction notification that was not done by you, call your bank and stop all transactions. If you act swiftly, your money may be recovered.
• As a general rule, do not have high transaction limits.

*Jacquiline Pack is Bank Windhoek’s Executive Officer of Marketing and Corporate Communication Services.

Similar News


BoN cuts repo rate

4 days ago - 19 February 2020 | Banking

Ruusa Nandago – As expected, the Monetary Policy Committee of the Bank of Namibia (BoN) cut interest rates by 25 basis points to 6.25%.Domestic and...

Four PMRs for FNB

5 days ago - 19 February 2020 | Banking

FNB Namibia scooped four business sector PMR Awards, ranking the highest in all four categories, and according to Customer Strategy Manager Quinten Potgieter, the bank...

Myth busting – The truth about a your will

6 days ago - 18 February 2020 | Banking

Everyone of working age should have a will, however many of us shy away from it using a variety of excuses. In reality, it’s the...

New employees welcomed

6 days ago - 18 February 2020 | Banking

Bank Windhoek and Capricorn Group officially welcomed 27 new employees during a two-day New Employee Orientation Programme held at the bank’s People Development Department in...

Safety online, offline and all the time

6 days ago - 17 February 2020 | Banking

The last thing you want to think about is someone taking your phone or wallet or gaining access to your personal information. Unfortunately fraudsters know...

Awards for banking excellence

6 days ago - 17 February 2020 | Banking

Bank Windhoek was recognised with two Diamond Arrow PMR Awards and two Golden Arrow PMR Awards at the annual PMR Africa Namibia Country Survey Business...

Blue bank awarded

1 week ago - 11 February 2020 | Banking

Standard Bank Namibia (SBN) was recently awarded the Best Investment Bank 2020 in Namibia by the reputable Global Banking & Finance Awards.Global Banking & Finance...

DBN warns of ‘instant business plans’

3 weeks ago - 30 January 2020 | Banking

The Development Bank (DBN) has cautioned on "instant business plans" that are being promoted on various social media for SMEs and skills-based youth finance. DBN’s...

Farmer joins FNB family

3 weeks ago - 30 January 2020 | Banking

Allvan Farmer has been appointed as FNB's Head of Payment Product House.His career began in the FNB Admin Centre, moving across various roles with in...

Make saving your goal

4 weeks ago - 27 January 2020 | Banking

It’s a new year and for many people this is a time to start afresh by setting new goals. In the midst of setting new...

Latest News

A decade of shooting hoops

4 hours ago | Sports

Celebrating 10 years of changing lives was the theme at the 10-year anniversary at the Basketball Artists School (BAS) held over the weekend.The celebration which...

Craven, Adrian win again

4 hours ago | Sports

Dan Craven and Vera Adrian were crowned national champions after winning the Nedbank Namibia National Road Cycling Championships on Sunday.The race saw riders cycling to...

Soccer's Nawaseb signs with Uzbek...

4 hours ago | Sports

Brave Warriors and Black Africa striker McCartney Nawaseb signed a two-year professional contract with Qizilqum Zarafshon Football Club, a team that plays in Uzbekistan’s top...

Use grey water to maintain...

5 hours ago | Life Style

The increase in droughts across Southern Africa has resulted in an urgent call for everyone to become waterwise and find alternative water sources.Homeowners who have...

Specials to celebrate independence

5 hours ago | Tourism

Not only does Namibia Wildlife Resorts (NWR) celebrate coming of age this year, Namibia also celebrates three decades of independence. In this light, NWR announced...

Paratus, CoW in legal quagmire...

8 hours ago | Local News

Yolanda Nel - Although the City Police, on order of the City of Windhoek, seized equipment from Paratus employees laying fibre optic cable in the...

Housing market remains stable

2 days ago - 21 February 2020 | Economics

The rental market continues to bottom-out although at a moderate pace. In effect, the FNB Rental Index as at December 2019 shows a contraction of...

Eduvision’s e-learning celebrates successes

3 days ago - 21 February 2020 | Education

Through the FirstRand Foundation, FNB joined stakeholders and partners to celebrate the success and the ongoing work of the Eduvision Project.The project shares expertise and...

Wicket cricket!

3 days ago - 21 February 2020 | Sports

Cricket Namibia launched the third edition of the Richelieu Namibia Cricket Franchise T20 on Thursday, where four teams made their draft picks for this year’s...

Load More