There has been a rise in phishing and smishing attempts aimed at loading debit and credit cards onto criminals’ digital wallets. Phishing involves deceiving individuals into revealing sensitive information like login credentials, passwords, PINs, card details, or ID numbers through methods such as fake emails and websites. Smishing, on the other hand, uses text messages, purportedly from trusted entities, to trick people into divulging similar information. This is latest FNB- First National Bank.
Criminals have recognized that loading a debit or credit card onto a digital wallet mirrors the process of making an online payment using these cards. Both processes necessitate entering card details into an online platform and confirming with a one-time password (OTP).
OTP and card cloning
Consequently, criminals may send SMS messages requesting a small payment, such as to release a package for pickup. This prompts users to input their card details. Unbeknownst to them, the criminals are entering these details into their own digital wallet. When the bank sends the criminal an OTP request to validate the card loading, the criminal then asks the user for the OTP, misleading them into thinking it pertains to the phony payment. If the user unwittingly shares it, the criminal gains access to use the card, potentially utilizing their own biometrics since the card has been fraudulently loaded onto their device.
As cybercriminal tactics evolve, consumers must remain vigilant and adopt proactive measures for protection. FNB offers the following safety tips:
- Don’t panic: Fraudsters rely on people acting hastily, due to a sense of panic. Their tactics include threats that your accounts will be blocked or that fraud has been identified and must be stopped immediately. Whatever the scenario, keep in mind that such things will never compel you to give away OTPs, PINs, or passwords. It is safer to end such communication and contact your financial institution right away.
- Do not click on email or SMS links: When opening emails from unknown sources or those that appear suspicious, proceed with caution. Credible financial institutions will never ask you to click on links. Clicking on links or downloading attachments from these kinds of messages should be avoided because they may include harmful malware or redirect you to fake websites.
- Pay careful attention to the wording of OTP requests. FNB will never require a customer to share their OTP with anyone to use it anywhere on their behalf and there should never be a need to share an OTP over a phone or via message with any 3rd party to complete a payment. The wording for an online transaction OTP request is different to that of a digital wallet OTP request – don’t rush or make assumptions about communications you might receive. An authentic digital wallet OTP notification from FNB will always warn you that you are attempting to link a specific card (indicating the last four digits of the card) to a specific wallet, and it will always inform you to call 0870 30 30 30 or log into the FNB app to complete or cancel the action.
- Enable two-factor authentication (2FA): Enable 2FA wherever possible since it adds an extra layer of security by requiring a second verification step, which is often transmitted to your mobile device or an authenticator app, such as the FNB Apps for FNB customers.
- Take note of the card and digital safety measures recommended by your financial institution: There is a lot of misleading information about how people may protect themselves from fraud, but it is always preferable to follow your financial institution’s recommendations on how to secure your money.
- Keep software and devices up to date: Update your operating system, web browsers, and antivirus software on a regular basis to guard against vulnerabilities. To ensure that you get the most recent security fixes, enable automatic updates whenever possible.
- Verify contact details: If you are suspicious of a message or request, contact your bank using details directly from their website so that you’re not redirected to the fraudster’s ‘help line’.
Consumer and financial institution vigilance is essential to fraud prevention. For the latest tips on security, FNB customers can go to the Security Centre tab of the FNB App and Online Banking.
Source: FNB
