Protect your money against cyber fraud

The risk of being a victim of cybercrime and fraudulent transactions is an unfortunate reality for all online users. Although you cannot control or prevent fraud, you can take the precautions to protect yourself.

Know the lingo

Educate yourself on the types of fraud taking place in cyber space. Here are a few useful terms to familiarise yourself with:

  • EFT Fraud: This is the transfer of funds to a fraudster that is not authorised by you.
  • Cyber Fraud: Your banking and personal details could be ‘stolen’ while shopping or banking online.
  • Online fraud: From phishing scams to malware attacks, your personal information could be stolen from your phone, computer or tablet.

How to protect yourself

Outsmart fraudsters by looking out for the following scams:

  • Fake online classifieds: Fraudsters place fake advertisements on websites such as Gumtree or OLX to defraud online shoppers. Do not click on ads that are from companies you are not familiar with.
  • Holiday scams: Travel agencies, hotels and private accommodation usually require upfront payment to secure a booking. Make sure that you only book with reputable agencies and that their banking details can be verified.
  • Property rentals: Fraudsters pose as landlords or property agents and will ask for an upfront deposit, using fake lease contracts. Verify the credentials of the agent as well as the banking details of the agency before you proceed. If the agreement is with the owner, then ask for certified proof of ownership of the property.
  • Investment Scams: Fake investment scams can lead to losing your life savings. Make sure that you only invest with certified credit providers that has an FSP number.
  • Fraudulent online purchases: Fraudsters can hack your personal information and use it for online transactions. Allow your bank to send you notifications on your mobile phone. Contact your bank immediately if you see notifications for transactions not made by you.
  • ATM fraud: Keep your bank card safe at all times and don’t let anyone ‘help’ you when you draw cash at an ATM. If your card gets stuck at an ATM do not let anyone try and help you get it out of the machine, rather phone your bank immediately to notify them and to cancel your card.
  • Get covered: Phishield is a clever insurance product that covers you and your business when you lose money due to fraudulent transactional activity, from as little as R40. This cover is available through Iemas Insurance

Brokers, a wholly owned subsidiary of Iemas Financial Services FSP 47563. Contact us for more information and to get a quote: 0860 102 383.

Source: Phishield.

Phishield Fund Protect is underwritten by Bryte and administered By Rodel.