"Beware of scammers," warns Capitec Bank

Finance 8 October 2020

Capitec wants to warn customers to be aware of a new tactic used by fraudsters to target South African banking clients, particularly the elderly.

"Fraudsters will call you claiming to be from your bank's fraud department, warning that there was either an attempt to commit fraud on your account or that a stop order was loaded. In order for them to block this activity consumers are told to approve the confirmation messages sent to their banking app using their PIN."

The bank said it would never call a customer requesting personal details, PIN, or asking a customer to approve transactions.

"The fraudsters then lead the panicking consumer through the process of performing a transaction on the app, unknowingly transferring funds to the fraudster," it said.

"The best way to handle calls like these is to state that you will rather go to the nearest branch to solve the issue. If you suspect you have fallen victim to this scam contact your bank immediately to report the incident. Capitec clients can call our call centre on 0860 102 043."

Here are five easy tips to avoid banking scams:

1. Never transfer money over a phone call because a bank will never ask you to transfer money into a ‘safe account’.

2. A bank will never ask you to reveal personal information including your PIN, or passwords for online accounts.

3. If you do not trust the person you're speaking to on the phone, hang up and call your bank directly using the number on your credit or debit card. If there really is a problem, they will be able to tell you.

4. Always directly contact your bank. Even if you’ve spotted it’s a scam you should let them know because this will give them the chance to inform other customers to be on the lookout.

5. If you’ve become a victim make sure you cancel cards and make sure your account is secure.

Written by: Gabriella Steyn.

Guzzle Media