Safeguard your financial security

07 July 2019 | Banking

Windhoek • Riaan Viljoen



We live in times where fraudsters look like neighbours and sound like friends. When it comes to private and payment card information, make sure you understand how social engineering can be used to compromise your financial security.

Fraudsters are masters in social engineering and know how to engage people in a way that creates misguided trust. It involves manipulating individuals via various channels including phone calls, email, SMS and social media to divulge confidential and / or card information.

Some social engineering scams involve sending emails that seem to come from a legitimate source, i.e. your bank, requesting confidential information, like card numbers, passwords etc. (often as part of a required “update” exercise).

This is called phishing. No bank or other financial institution will ever request information or prompt a response in this way. Pay close attention to the sender's email address. It is likely a falsification of a known email address or domain which might include subtle spelling errors such as [email protected] or [email protected]

Spear-phishing is similar to phishing, however, the attack is targeted at a specific company or person / group, and has a more personal feel to it. A mail would seem to be coming from a company head or department manager, requesting users to urgently click on a link or open an attachment. (Again, pay close attention to the sender email address and spelling). Such attacks often first acquire personal information via company web sites or social media platforms such as Facebook, to create a sense of familiarity with the intended victim.

Vishing is the voice equivalent of phishing, and is the act of fraudsters engaging victims in a friendly and helpful conversation, claiming to be from your bank and asking assistance with a mobile app upgrade, or security enhancement.

These calls will also have a sense of urgency attached to them. For example, “Your account might be compromised if you do not upgrade right now”. Fraudsters will pretend to know staff or inside information from your bank. This is the quickest way victims are lulled into trusting the authority and mandate of the caller.

Victims are requested to enter information on the mobile app, to share or forward information or to respond to a text message. Never obey instructions from a random phone call. Don't ever share the OTP (one time pin) you receive on SMS in such a conversation with the caller. These pins are triggered only when a transaction is taking place on your account. If you did not initiate a transaction, do not help to complete a transaction! As far as your card information is concerned, and only if you initiated the call, only ever share the first 6 and last 4 digits of the card number.

SMShing involves requesting victims to follow prompts on SMS or social media. This can happen independently or as part of vishing attacks. Again, no legitimate contact from any bank will request confidential information in such a manner. If you receive a suspicious or unexpected call from someone claiming to be from your bank, especially after hours, get a name and instruct the caller that you will phone them back on the official number from your bank. Obtain this number yourself.

Remind yourself that fraud is a continuing science and being aware of the various methods applied to obtain your hard earned money, you will be able to identify a fraudster easier and protect yourself against their onslaught.

• Riaan Viljoen is an Information Security Specialist at the Capricorn Group.

Similar News

 

SBN wins at finance awards

1 day - 21 October 2019 | Banking

Standard Bank scooped the top spot as Namibia’s Best Investment Bank in the EMEA Finance 2019 Awards.“Standard Bank Namibia (SBN) is delighted to have been...

Top estate agents awarded

1 day - 21 October 2019 | Banking

Bank Windhoek celebrated its top real estate agents for the central region at an awards ceremony, where the award for the Top Estate Agency in...

A pencil for every child

6 days ago - 16 October 2019 | Banking

Yolanda NelThe second Stationary Drive was launched by the Bankers Association of Namibia (BAN) in Windhoekthis morning.The initiative is an effort to raise funds to...

Now is the time to buy

1 week ago - 15 October 2019 | Banking

Namibians can now buy shares in Standard Bank Namibia Holdings Limited following its successful application to list on the Namibia Stock Exchange (NSX).According to the...

Bank warns of vishing

1 week ago - 10 October 2019 | Banking

Standard Bank has warned clients of a ‘vishing’ scam that seems to be on the increase in recent weeks.Vishing refers to using a telephone in...

Don’t worry about SA strikes – BoN

3 weeks ago - 26 September 2019 | Banking

The Namibian banking system will not be affected by the impending South African bank strike on Friday.Responding to fears by the public that local banks...

Dealerships, salespersons awarded

4 weeks ago - 23 September 2019 | Banking

Bank Windhoek awarded the best dealerships and sales persons in the motor vehicle industry at its annual Selekt Sales Awards ceremony held in the capital...

Employees’ hard work pays off

1 month - 19 September 2019 | Banking

The work of outstanding individuals and branches were rewarded as part of the annual Capricorn Group Awards that aims to recognise the achievements of employees...

Going for gold

1 month - 12 September 2019 | Banking

Last night, Bank Windhoek launched their Selekt Gold offering with the aim of providing the market with a relevant, holistic financial solution.The Selekt Gold offering...

Your bond is paid, now what?

1 month - 25 August 2019 | Banking

The final repayment on your home loan is a long-awaited victory twenty to thirty years in the making. But, while most have us have been...

Latest News

Stap vir Bybels die naweek

15 hours ago | Art and Entertainment

Yolanda Nel Stof solank jou tekkies af wat stof vergaar in die hoek van die kas, want Saterdag 26 Oktober gaan dit handig te pas...

Okahandja hou somerfees

17 hours ago | Art and Entertainment

Yolanda Nel Dit is nog net ’n paar dae voor die Gereformeerde Kerk op Okahandja se somerfees plaasvind en gaste het sommer baie om na...

Veilige sagteware- en regstelsels nodig...

1 day - 21 October 2019 | Technology

Met ’n algemene toename in die hoeveelheid kuberaanvalle op beide individue en organisasies, moet ons meer as net bewustheid skep; ons moet ook dringend daaraan...

SBN wins at finance awards

1 day - 21 October 2019 | Banking

Standard Bank scooped the top spot as Namibia’s Best Investment Bank in the EMEA Finance 2019 Awards.“Standard Bank Namibia (SBN) is delighted to have been...

Top estate agents awarded

1 day - 21 October 2019 | Banking

Bank Windhoek celebrated its top real estate agents for the central region at an awards ceremony, where the award for the Top Estate Agency in...

New Peace Corps volunteers sworn...

1 day - 21 October 2019 | Social Issues

Thirty new US Peace Corps volunteers joined local communities throughout Namibia to begin two-year assignments to strengthen education across the country. The volunteers will work...

Don’t miss these Kiddie Sport...

1 day - 21 October 2019 | Sports

The highlight of the Kiddie Sport program is undoubtedly the annual Kiddie Sport Demonstrations, taking place Friday 25 and Saturday 26 October at Wanderers’ indoor...

Mammadu celebrates young people

4 days ago - 18 October 2019 | Local News

Just when it seems that nothing changes, the team at Mammadu stands amazed that their first intake of toddlers are going to high school next...

Rehoboth se inwoners (steeds) moedeloos

4 days ago - 18 October 2019 | Local News

Yolanda Nel Foto’s van vullis wat oral gestort is en ’n vrek koei wat op Rehoboth geneem is, doen tans die rondtes op sosiale media...

Load More