Fraud comes in all shapes and sizes, but no matter how it looks, the goal is the same, to outsmart you. Whether it’s through emotional manipulation or sophisticated digital schemes, scammers are always on the lookout for their next victim.
One of the most common traps is the romance scam, where fraudsters pose as potential love interests online. They build trust over time, then hit you with a story that tugs at your heartstrings and wallet, asking for money to help with an emergency. Similarly, vehicle scams involve fake listings for cars at unbelievably low prices, luring victims to send deposits for vehicles that don’t exist.
Scammers also use the phone to deceive, with vishing scams. Here, a caller pretends to be from your bank or a trusted company, trying to trick you into revealing banking information like login credentials, one-time PIN, card CVV and expiry date. Always be sceptical of unsolicited calls asking for your banking information. Hang up and call the company back using an official number to confirm if the call was genuine.
Don’t fall for the fraudsters
On the other hand, task scams promise easy money for minimal tasks, but with a catch: you have to pay a fee upfront. Once you pay, the opportunity disappears.
The digital era presents even more opportunities for fraudsters, especially with hacking scams. These often come in the form of phishing emails that look like they’re from legitimate companies. One-click on a suspicious link or downloading an attachment can allow scammers to access your banking information. Protect yourself by using strong passwords and enabling two-factor authentication for extra security.
Donation fraud is another tactic scammers use, particularly during times of crisis. They create fake charities to exploit your goodwill, soliciting donations that never reach those in need. Before giving, always verify the charity to ensure your contribution is going to a legitimate cause.
Fraud is No Fairy Tale highlights the power of being informed. Understanding the tactics scammers use can help you steer clear of their traps and ensure the story ends in your favour. In the battle against fraud, staying vigilant and informed is your strongest defence.
For more tips on how to protect yourself and secure your online banking, visit the Standard Bank Security Centre at www.standardbank.co.za/securitycentre