Protecting yourself in the digital age: Insights on fraud

Understanding phishing and vishing

Industry expert Kevin Hogan (Head of Investec Fraud Risk (SA)) defines phishing and its telephonic counterpart, vishing as “Phishing typically involves deceptive emails or messages that prompt you to divulge personal information. For example, you might receive a message claiming there’s a package awaiting delivery, requesting payment for a delivery fee. This is a classic phishing attempt.”

“Vishing operates similarly, but over the phone. Scammers may impersonate bank representatives, using spoofed numbers to appear legitimate. They might call you shortly after you receive a suspicious SMS, creating a false sense of security. Understanding these tactics is the first step in protecting yourself.”  

The psychological manipulation of fraudsters

An alarming insight around fraud is the psychological manipulation used by fraudsters. They aim to create a sense of urgency and trust, making you feel as though you are in a safe environment while they extract sensitive information. This manipulation is often facilitated by fake bank numbers or using caller ID apps that display the bank’s name.

The most effective defence against these scams is to remain calm and sceptical. If you receive an unsolicited call or message, do not engage. Instead, contact your bank directly using verified contact details.  

As we navigate the complexities of digital banking, staying informed and vigilant is crucial. The insights shared by Kevin highlights the importance of understanding fraud tactics and implementing protective measures. By taking proactive steps, you can significantly reduce your risk of falling victim to fraud.