Protecting yourself when banking on digital channels

As more people practice social distancing due to the Covid-19 virus outbreak, consumers are increasingly switching to digital channels to shop, communicate and bank. This rapid adoption has also meant that consumers have had to review and understand the safe habits of banking in the digital age. Consumers who are limiting their movements and banking on digital channels should be aware of digital hygiene factors when banking.

Cybercriminals are likely to increase their activities as adoption of digital channels increases. Here are some important things you must do to protect yourself online over the next few weeks.

•       Do not log onto your digital banking on public WiFi.

•       Do not share any links online which do not come from official or reputable sources?

•       Do not click on suspicious links which you receive via email.

•       Be wary of spoofed websites which claim to be the legitimate website of an organisation and is set up to mimic the original website.

•       We recommend that you download and use the Stanbic Bank Botswana mobile banking app rather than using your phone browser to access Internet Banking.

•       Do not share personal information such as your ID number, bank account details or PIN online.

•       Similarly, do not share it with someone on the telephone.

•       Do not allow anyone to access your computer remotely. Someone from your bank will never ask you for Remote Access Control to update your information.

•       Make 100 percent sure that the email you are reading comes from a real company, person or organisation.  If you think someone or something is suspicious trust your intuition and rather practice caution.

•       Remove emotion when working online. Be measured and responsible when it comes to managing your online profile. Contact your bank immediately if you think you have been compromised.

There is a growing number of scams online. Below are some that consumers are more frequently exposed to:

Vishing: Fraudsters ask for your personal and bank account details over the phone.

Remote access takeover: Software is used to take control of your computer remotely, adjusting your settings to leave the computer vulnerable to online banking fraud.

Phishing: Unsolicited emails saying you have been a victim of fraud, or due to receive funds, and you need to login to your accounts by clicking on a link to report the incident and cancel your bank card, or give permission to accept the sum of money.

Change of banking details: Fraudsters steal funds by posing as one of your suppliers, or someone you’re meant to pay, and asking you to update their bank account details.

SIM swap: Fraudsters perform a SIM swap without your knowledge, allowing them to intercept your phone calls and SMSs.

Twin SIM: Fraudsters duplicate your cellphone number onto another SIM card, allowing them to divert certain phone calls and SMSs.

Number porting: Fraudsters transfer your cellphone number from your current network service provider to another without you knowing.

Deposit and refund: Attempts to steal goods or services from your business without making the necessary payments by means of a fraudulent or stolen cheque.

Spoofed website: A spoofed website claims to be the legitimate website of an organisation and is set up to mimic the original website.

419: A 419 scam, or advance fee scam, is a form of upfront payment or money transfer scam. While the details of a 419 scam can vary, large sums of money are usually involved.

 Dating and romance scam: Fraudsters create fake profiles on legitimate dating websites or social media platforms to meet new people con them into giving them money.

Holiday scam: Scammers gain access to your funds and your bank account details by falsely advertising ideal holiday packages, accommodation or timeshare on the internet.

Keylogger scam: Software is used to record every keystroke entered on your computer including your personal information.

Smishing: Access to your personal information is gained via an SMS.

 Online goods scam: Fraudsters infiltrate online platforms for buying and selling goods and ask for upfront payment for goods.

If you receive a suspicious email containing links, please forward it to the following email addresses for assistance.

CCCbw@stanbic.com  (Personal Clients)

commercialbw@stanbic.com (Commercial banking Clients)

Privatebankingbw@stanbic.com (Private Banking Clients)

Executivebw@stanbic.com (Executive Banking Clients)