“Smart Money : Financial Foundations for a Resilient Future”
NFO TIPS TO PROTECT YOURSELF AGAINST BANKING FRAUD
Understand Your Rights
You have the right to clear, honest, and timely information about banking products and services.
Banks must treat you fairly and without discrimination, regardless of your background or income.
Ask for Suitable Advice
Where advice or recommendations are provided, banks should take your personal needs, objectives and financial circumstances into account. Banks must also provide clear information and explanations to help you make informed decisions.
Don’t hesitate to ask questions or request explanations in plain language.
Read and understand the terms and conditions before entering into an agreement with your bank.
Know Your Responsibilities
> Always provide truthful and accurate information when applying for accounts or credit.
> Understand and plan for any payments which you will be required to make.
> Inform your bank as soon as possible if you’re struggling to meet your financial obligations.
Protect Yourself Against Fraud
> Take reasonable steps to safeguard your account, such as protecting your PIN number, passwords, and devices.
> If your phone or other device is lost or stolen, call your bank immediately to delink your banking app from your device, and to allow your bank to take any other actions that may be necessary to protect your accounts.
> Scammers may call you pretending to be from your bank. If you receive an unexpected call claiming to be from your bank (even if the number appears to be your bank’s number), end the call and contact the bank using the number printed on your bank card or published on its official website.
Be cautious if a caller creates urgency or pressure to act immediately. Remember, your bank will never ask you to:
> Make a certain transaction.
> Create a beneficiary.
> Give your personal information, OTP, PIN number, card details or scan a QR code.
> Download any application or remote-access software to your device, such as AnyDesk.
Be skeptical of social media promotions:
> Verify legitimacy: Check official airline websites or verified social media accounts before engaging.
> Avoid sharing personal info: Never post your phone number or sensitive details publicly.
> If it seems to good to be true, it probably isn’t.
Think Twice Before Downloading Apps:
> Use trusted sources: Only download apps from verified developers with strong reviews and a high download count.
> Check permissions: Be wary of apps requesting access to your camera, contacts, or banking apps.
Never click on a link in an SMS or email that asks you to:
> Update or verify your personal information
> Sign in to online banking
> Never share your banking passwords, PIN number or OTPs with anyone – not even family or friends. Your bank will never call, SMS, email, or direct message you to ask for this information.
Criminals can generate virtual cards using your account if they gain unauthorised access to your online or mobile banking. This can happen through:
> Phishing emails or fake websites that steal your login credentials.
> Malware or spyware installed on your devices.
> Weak or reused passwords that are easy to guess or have been exposed in data breaches.
Once they have access to your account, fraudsters can:
> Create virtual cards under your name.
> Use these virtual cards to make unauthorised purchases.
> Link them to digital wallets or subscription services for repeated fraud.
Know What You’re Paying For
> Banks must clearly disclose all fees, charges, and interest rates before you sign up.
> Review your statements regularly and ask about anything you don’t understand.
> Understand the features, fees, and benefits of your accounts.
> Compare products across banks to find the best fit for your needs.
Switching Banks is Your Right
You may switch your transactional account to another bank. Banks should provide assistance and information to help facilitate the switching process.Banks must ensure services are accessible to vulnerable customers, including the elderly, disabled, or financially inexperienced.
You can request support or additional assistance if you are in one of these categories.
Stay Informed
Banks are obliged to promote awareness of your rights and responsibilities, so be sure to take advantage of the educational resources they provide.
Build Trust Through Transparency
Maintain open communications with your bank and keep records of all important interactions.
Use Complaint Channels
If you feel your bank hasn’t treated you fairly, use their complaints resolution process.
If your complaint is still unresolved, you can contact the National Financial Ombud Scheme South Africa (NFO) for free, fair and impartial assistance.
Monitor Your Accounts Regularly
Check your account statements and transaction alerts regularly. Report any unauthorised or suspicious transactions to your bank immediately.
Keep Your Information Updated
Ensure that your bank has your current contact details. Promptly notify your bank if your cellphone number, email address, residential address or other personal information changes.
Code of Banking Practice
The banking industry in South Africa subscribes to the voluntary Code of Banking Practice, which sets out the rights and responsibilities of both banks and their customers. If you would like to learn more about what you can expect from your bank, as well as your own responsibilities when using banking services, you can read the Code of Banking Practice here (include a link to the Code of Banking Practice).