Banking scammers has upgraded their game to a whole new level.

How do they do it?

Bank employees are working with scam syndicates to get your personal info, it includes your ID, Cell nrs, physical address, email address, bank account numbers etc.
A scammer calls you,  claiming to be of your banks fraud department. You are told there has been a suspicious transaction and large withdrawals has been made on your bank account, you panic, you can feel your heart beating in you’re throat. What is going on? The scammer calms you down and try to gain your trust by telling you, it’s okay, we are here to help you get you’re money back etc. The scammer ask you to verify you’re personal info and you comply without hesitation. Scam victims are quick to provide OTP’S to scammers as the most targeted group is elderly people as they are mostly technically challenged.

Scammers will tell the victim that a bank employee will stop at their complex gate and the victim must hand over the bank card so they can cancel it and they need the OTP to do the cancellation.
Scammers pick complexes in quiet areas with no guards or cameras at the main gates, the victim walks to the gate, hands over the card and the OTP and the scammers go to town on the victim’s expense.

This happened to a relative and she was scammed out of nearly R400 000.

How can i protect myself against this?

• Remember, NEVER trust anyone that calls you and asking lots of personal questions in regards to you’re finances and personal info unless you made the request. Even scammers subscribe to BRANDED CALLER ID as it makes their business look credible and legit.
• If a bank fraud department agent calls you and claims there was suspicious transaction / withdrawal simply hang up the phone, log into your banking app and go look for yourself. It there is nothing wrong, you will know it is a scammer trying to get lucky, if there is money missing, call the bank yourself from the number provided inside your banking app.
• NEVER EVER give out any OTP to anyone.
• Scammers will request a sim swap from cellphone carriers on your behalf and normally approve them if the client doesn’t respond the notification sent by the carrier to the customer, ALWAYS CHECK FOR SUSPICIOUS NOTIFICATIONS AND ACT IMMIDIATELY ON IT, if the sim swap is successful, you will not get notifications or OTP requests. Instead the scammer will get the OTP.
• Never ever click on any SMS and email links from any banks that say you need to update your personal info, banks will never send a SMS or email to do so, you can update info on your internet or cellphone banking profile inside your banking app or visit your branch to update your info.

Stay safe and be vigilant