As the festive season reaches its peak and spending surges, fraudsters are also on the lookout for opportunities to exploit unsuspecting individuals.
Swaziland Building Society (SBS) is advising its customers to prioritise safety by utilising digital banking channels instead of carrying large amounts of cash.
SBS Manager Fraud Risk, Sphalele Magagula urged customers to also guard against fraud.
He highlighted common types of fraud as follows;
Vishing scam:
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.
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. Fraudsters are exploiting the holiday shopping rush by manipulating unsuspecting consumers into making upfront payments for goods or services that are never delivered. These scams often occur even inside legitimate retail stores, where criminals approach shoppers with promises of cheaper deals. Believing they are getting a bargain, victims hand over cash expecting to collect their items at an agreed meeting point.
Warning:
- Advance fee scams: Never initiate purchases on social media, rather obtain the official website from the internet not social media.
- Avoid agreeing to ‘side deals’ inside stores. Always make payments at official store tills.
It is important to ensure safety and security during the festive season. Magagula advised customers to:
- Keep your PINs, OTPs and debit card details secret
- Always be vigilant and never accept unsolicited assistance from strangers
- Enable Alerts: Turn on real-time transaction notifications for your cards and accounts.
- Use Your Banking App: Download your bank’s app to monitor your balance, freeze your card instantly, and contact support quickly.
- Think Before You Click: Be suspicious of any unsolicited email or text. Never click on links or download attachments from unknown senders. Go directly to the official website or app instead.
- Use Strong, Unique Passwords: Protect your online banking with a strong password and always enable multi-factor authentication.
- Avoid Public Wi-Fi for Banking: Never access your bank account or make payments using public, unsecured Wi-Fi networks.
- Check Your Statements: Regularly review your bank statements
When in doubt, contact the SBS Fraud Hotline 8006010
Magagula further highlighted the following SBS digital channels conveniences:
- Tap or swipe with SBS Debit card
- Make beneficiary payments on the SBS Banking App
- Send or receive money with SBS E-Pocket
- Pay in-store with SBS E-Pocket Pay
- Purchase electricity, airtime and bundles on USSD Mobile Banking (*800#)
- Deposit cash at an SBS Automatic Deposit Machine (ADT)
- Pay water bill
- Download statements and proof of payments on your Online Banking.
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