Swaziland Building Society (SBS) has called upon its customers and the public to respond to the global call of fighting fraud and corruption.
SBS Manager Fraud Risk Sphalele Magagula said the starting point was to always stay informed, cautious and vigilant, as well as reporting any fraud suspicions even if they do not impact or affect you directly.
She said anyone could be a victim of fraud. “No one is exempt or immune. Today’s bystander could be tomorrow’s victim. That is why we urge everyone to stand up, speak out and be a part of the solution,” she said.
Explaining why fraud awareness is important and the trouble thereof, Magagula said in today’s increasingly digital financial landscape, fraud awareness has become a cornerstone of operational integrity.
“As much as fraud awareness is a regulatory requirement, as a bank, we are intentional in empowering our customers and employees on how to protect themselves as they consume our products.
We believe it is important to share information such as evolving and emerging fraud threats in a bid to safeguard our customers’ funds,” she said.
She further mentioned that the ‘facata’ type of fraud continued to be the most problematic for all emaSwati these days.
She said the society was happy though that the police continued to arrest the culprits.
The manager fraud risk stated that there are three types of scams – Vishing, Advance Fee and Investments.
Vishing Scam (social engineering):
Commonly known as ‘facata’, this type of scam is where fraudsters use phone calls to trick individuals into revealing sensitive and confidential information and manipulate them to their own detriment. Often the victims are tricked into transferring their funds to the fraudsters under the guise that they are being moved for temporary protection while their accounts are being resolved.
Warning: Never entertain callers purporting to want to assist you safeguard your money and always protect your phone. Always call your bank to verify such assertions. Never press codes on your phone as instructed by any caller.
Advance fee scam:
This is where the public is manipulated into making upfront payments for merchandise or services that are never delivered or rendered. The main platform used for the Advance Fee scams is social media.
Warning: Advance Fee Scams; Never initiate purchases on social media, rather obtain the official website from the internet not social media. Vet and verify suppliers before making any payments. If the seller puts pressure for you to make an upfront payment, abort mission, it is highly likely that it’s a scam. Never click on unsolicited links.
Investment scam:
This type of scam continues to be a global scourge despite warnings issued by the different financial regulators and customer awareness initiatives.
Warning: Heed the warnings issued by the country’s regulators. Do thorough independent research before any investment. If it is too good to be true, it is likely not true, it is a possible scam, Ponzi or Pyramid Scheme.
Leave a comment