Fraudsters are sending unsuspecting consumers fake emails notifying them that fraud has occurred on their respective bank accounts’ or credit cards.

Soon afterwards, the customer receives a call from a fraudster claiming to be from their bank and offers to help block any fraudulent transactions by first requesting the customer to install “protection” software on their computer, which allows the fraudster to gain full control of the computer remotely.

Kovelin Naidoo, Cyber Security Officer at FNB, says fraudsters are employing carefully constructed scamming tactics that have the ability to trick even the most vigilant customer if they are not aware of the modus operandi.

Customers should therefore be extremely careful and not let their guard down, especially now are we approaching the festive season.

Naidoo fully unpacks how the fraudsters use this software to defraud consumers:

  • The fraudster calls the customer and offers to help them block any fraudulent transaction by asking him/her to download and install “protective” PC software.
  • The customer downloads the software, and with the help of the fraudster, installs it.
  • Once the software is installed, the fraudster asks the customer to log into his/her personal Online Banking profile.
  • After logging in, the customer’s computer goes blank. Shortly afterwards, he/she starts receiving OTP SMS’ to confirm transactions he/she did not perform.
  • The fraudster then reassures the customer that these are fraudulent transactions and requests that he/she forwards the OTPs so that they can be blocked or reversed immediately.
  • The fraudster then uses the OTPs forwarded to him/her to process the pending transactions and defrauds the customer.

“If someone calls you and requests your personal banking details or to install remote access software on your computer, please end the phone call and contact your banks’ fraud contact centre. FNB will never ask you to share your OTP to reverse pending transactions or to block your banking profile,” cautions Naidoo.

Furthermore, never click links in emails, disclose sensitive information, such as your username, password, card and PIN details to anyone, not even a bank official. If you are a FNB customer, use Smart inContact on the FNB App as it prevents OTP fraud by delivering an Online Banking transaction confirmation to your verified banking app.

“As access to banking services through digital channels continues to grow, so does the prevalence of banking scams, therefore we urge consumers to always be vigilant and familiarise themselves with the different types of digital banking fraud, as well as the security measures provided by their respective banks,” concludes Naidoo.