“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

• Banks are required to provide advice that considers your personal needs and financial circumstances. 
• 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. Remember, your bank will never ask you to:
  • Make a certain transaction
  • Create a beneficiary
  • Give your personal information, OTP, PIN number or card details
• 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 can switch your transactional account to another bank, and your current bank must assist you with the 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.