Bank Windhoek has urged the public to gain better awareness and understanding of banking technology to avoid becoming victims of fraud.
In a statement issued on Wednesday, Bank Windhoek’s manager of Forensic Services, Johnny Truter noted that an increase in spending during the festive season is likely to create an upsurge in online and card transactions, thus giving criminals the opportunity to defraud customers.
“Vigilance for fraudster tricks and scams remains one of our most robust defenses to curb theft and fraud,” said Truter.
According to Truter, some mobile applications have functionalities of activating and de-activating cards when not in use and allows customers to decrease their card’s daily limit.
“This further protects customers from losing large sums of money should their account be breached and when making a purchase worth a more considerable amount, a customer can increase their daily limit on the Mobile App and, once the transaction is complete, decrease the limit again,” he advised.
Truter further added that there are more ways customers can bank safely such as by subscribing to their bank’s transaction notification service.
“The service, free of charge, notifies customers whenever transactions occur on their accounts, be it debit or credit transactions. It sends SMS messages to alert customers on transactions made with their debit and credit cards and login and payments on Internet Banking (iBank) transactions,” he explained.
The forensics expert also urged the public to be very cautious when using public Wi-Fi networks and avoid using them for banking purposes, as well as to keep their software, anti-virus, and bank applications updated with the latest versions available on all your electronic devices.
“Change password and Personal Identity Number (PIN) frequently, always type your bank’s website Uniform Resource Locator (URL) directly in the browser instead of clicking on links and beware of fraudulent or imposter websites when shopping online. Be cautious when a caller says he or she is calling from your bank. No bank will ask you to update or confirm confidential details over the phone or by email and never provide any personal and banking details to anyone for any reason, including account numbers, card numbers, Card Verification Value (CVV) numbers, usernames, passwords, and PINs, irrespective of the urgency stated; instead, call your bank immediately,” Truter cautioned.
The public is further urged to avoid clicking on links provided in unsolicited emails, use biometric identification and security if available, avoid sharing transaction notifications, report unauthorised debit orders on their account to their banks immediately, and independently verify payment details by phone with a supplier before transacting Electronic Fund Transfer (EFT) payments to eliminate the risk of man-in-the-middle frauds.