Internet fraud methodology used in South Africa
Internet fraudsters are a growing problem in the modern digital era, and they use various technologies to lure their victims. Here is an overview of what these fraudsters use and how you can avoid them:
Methods used:
Phishing emails: This is a type of scam driven through an email. The scammer will send an email that appears to be from a trustworthy source, such as a bank or a website you frequently visit. The email will ask you to share your personal information or a password or to click on a link that will lead you to a fake website.
Smishing: Similar to the traditional phishing scheme, this is done over cellular phone. When users use mobile banking services, scammers try to manipulate it in every possible way. Instead of sending an email as in a phishing scheme, they send a text message to a potential victim, asking them to call a number or click on a link, which then allows them to obtain their confidential banking information.
Malware: This is a type of malicious software that can infect your computer if you click on a scammer’s fake link or open a dangerous program.
Malware can compromise your computer or cell phone to steal your personal information.
SIM swapping: A popular method through which criminals can deceive a victim by intercepting transaction verification tokens. Compared to the previous year, SIM swapping has increased sharply by 63%. By swapping the innocent bank client’s mobile service provider’s SIM card, the fraudster redirects the one-time PINs (OTPs) and random verification numbers (RVNs) to gain access to funds or transactions.
How to avoid the fraudster:
Be cautious with emails from unknown senders or emails that appear to be from a trustworthy source. Ensure that you check the email address and URL of the website before clicking on a link or sharing your personal information.
Use a quality antivirus program to protect your computer from malware and virus attacks. Make sure to keep your software up to date.
Be cautious with mobile attacks by installing software only from reliable sources and ensuring that your mobile device is up to date with the latest security updates. Always be vigilant.
