8 things your bank will never ask you
It is important to know how to protect your money and bank account. A good way to start is by knowing these 8 things your Bank will never ask or tell you to do
There have been numerous stories of people losing their money to fraudsters in Africa. From hacked accounts to scammers posing as Bank agents, it is no surprise five of the top 10 countries most affected by fraud are in Africa.
Most bank scams happen through social engineering. Social engineering is a broad term that describes fraudulent activities aimed at deceiving people into divulging their private information.
The most common type of social engineering used in Africa is Phishing. Phishing is a type of social engineering scam where fraudsters pretend to be representatives of your financial institution in order to gain access to your bank account.
Phishing scams happen through email, text messages, or phone calls and people living in low-income areas are the most affected.
To make matters worse, the coronavirus pandemic increased phishing scams in Africa. Kapersky, a cybersecurity firm, detected over 10 million phishing attacks in Africa in Q2 of 2020. South Africa, Kenya, Egypt, Nigeria, Rwanda and Ethiopia suffered the most phishing attacks.
This means it is important to know how to protect your money and bank account. A good way to start is by knowing these eight (8) things your Bank will never ask or tell you to do:
1. Your personal information
Your bank will never call, email or text you to share your:
- Full name
- Account number
- Debit or credit card number
- CVV
- PIN number
- Internet banking login details
2. To transfer money to another account
Fraudsters are always trying to convince potential victims to transfer money into accounts they own. Your bank will never ask you to protect your account from a data breach or hack by transferring or withdrawing the money in your account.
3. Perform a bank transaction through email or SMS
It is common for people to lose their money through phishing texts or emails. The best way to avoid this is by cross-checking any SMS or email from your bank for grammatical errors or typos. You should also double-check the sender’s name to confirm if it is from your bank.
4. Threaten to withhold their service
Some fraudsters try to scare their victims into making mistakes. Your bank will never close your account or block your access to their services if you do not perform a certain action. Instead, your bank will ask you to visit one of its branches or service centres if they suspect any suspicious activity.
5. Ask you to confirm your identity
This is another common tactic used by scammers. Your bank will never call you to confirm your bank name, account number, or internet login details. Sharing your banking information on the phone is the fastest way for you to lose access to your bank account.
6. Send someone to your house
Your bank will never send a representative to your house to:
- Deposit money on your behalf
- Collect your bank card
- Confirm your account name and number
7. Ask you to call their new customer care number
Do not believe any random number, email, or text message that asks you to call your bank’s new customer care line. The safest way to know your bank’s customer care number is by visiting their website or verified social media handles.
8. Call you to invest in land, crypto, diamonds, or any investment scheme
Your bank will never call or advise you to invest in land, diamonds, or any investment scheme. It is very easy to fall for phishing scams, but you can protect yourself by:
- Never sharing your bank information i.e name, account number, passwords, etc. with anyone you don't know or trust.
- Enabling two-factor authentication on your devices
- Never clicking on links embedded in emails or SMS without cross-checking the message for typos or errors.
- Only using the bank’s official mobile app, USSD code, or internet portal to access your bank account.
It is important to stay vigilant and aware of potential scams when it comes to your financial information. Remember, banks will never ask for sensitive information such as your password, PIN, or social security number via email, phone, or text message.
They also won't ask you to transfer money to any account or request that you share personal information on a non-secure website. By staying informed and cautious, you can protect yourself and your assets from potential fraud and keep your financial information safe.