Have you ever received an email or SMS from your trusted bank that prompts you to verify your personal details? The email or SMS then directs you to click on a link which leads you to your bank’s website, right? WRONG! You’ve just been phished.

As our digital world and knowledge base is evolving at an exponential rate, it makes sense that fraudulent fiends would step up their game to correspond to individual’s ever-growing engagement in the digital realm and come up with more conniving plans to “release” us of our hard earned cash.

Don't be fooled by fraudsters who claim that they are someone they're not. Image Credit: rustybrick

There are two main scams that you need to familiarise yourself with:

1. Phishing

You will usually receive an email and will then be led to click on a link that directs you to a fraudulent bank site, where you will be prompted to disclose confidential information such as your PIN, card number and double-lock passwords. Once all of the information has been submitted, the fraudster will sign onto the legitimate bank site and request a once off payment from your bank account. This will generate a “one time password” which you will expect (as you have just given all of your details to the fake site). With this information the fraudster has free reign over your bank account and usually will change the cell phone details for notification details so that you will not be notified about any activity in your bank account.

2. SMS 419
There are many different variations of the SMS 419 scam; here are a few to be aware of:

You could receive an email that refers to an inheritance worth billions that the sender is due to receive. The sender then suspiciously needs your bank account to deposit the funds and in return you will get a percentage of the inheritance. The SMS version usually promises a cash prize of some sort and asks for a deposit so as to “release” the funds. There was recently an SMS that originated from "SARS" which encouraged people to submit their details in order to receive “tax refunds” during the FIFA World Cup. Many fans received emails announcing that they had won the lottery. Even though the emails didn’t request personal details, they directed unsuspecting individuals to a fraudulent website that did.
 
Get phish savvy

South African banks are aware of these phishing scams and have warned their customers that they will never send an email to request account verification or the like. Be aware of your digital surroundings when online, if it sounds phishy, do not engage! Here are a few tips to help you rise of above the grime:

• Be aware of your online presence – this includes Facebook's “Is this you in the video?” accompanied by a link to website. This is a common phishing scam operating on both Facebook and Twitter.
• If it’s too good to be true, it probably is. If you haven’t entered a competition and have won something, you haven’t won anything.
• NEVER respond to an email, SMS or phone call that requires you to submit your personal information – even if it threatens the suspension of your account.
• DON’T use a public PC to do your Internet banking - when you log in type in your bank’s URL, rather than clicking on a link.

Now you know, so surf smart and click cleverly. If a link looks suspicious, do not click it!

Also check out:

• Security and Social Networking
• The Facebook Privacy Saga - 6 Months and Counting