Standard Bank in South Africa has introduced a new security feature on its mobile banking app to help protect clients from vishing threats. Once activated and approved by the client, this tool will alert users to potentially suspicious phone calls.
The move addresses a growing problem: vishing, where scammers use phone calls to trick victims into revealing confidential information. This type of fraud has become a leading cause of digital banking and card-related scams, according to data from the South African Banking Risk Information Centre.
Scammers typically offer fake “high-return” investment opportunities to persuade victims to transfer money into fraudulent accounts. Unlike phishing, which involves deceptive emails or texts with malicious links, vishing relies on direct phone calls to manipulate victims.
Belinda Rathogwa, Standard Bank’s head of digital and e-commerce, explained that fraudsters often urge victims to keep fraudulent transactions secret, making early detection difficult. Since banks have strong controls to prevent unauthorized account access, scammers are increasingly using social engineering techniques.
As more older clients use the bank’s app, additional security measures are being implemented to protect them from such fraud. Rathogwa emphasized that Standard Bank will never ask for money transfers to unknown accounts via phone and advised clients to verify investment opportunities with the Financial Services Conduct Authority.
To prevent fraud, users should:
– Ignore unsolicited requests for personal information.
– Never share their one-time PIN (OTP).
– Avoid using public Wi-Fi for banking activities.
For added security, the bank recommends using fingerprint or facial recognition on devices and banking apps.
This alert from Standard Bank comes amid rising cyber threats in South Africa, including phishing and smishing. In July 2024, it was revealed that cybercriminals had stolen $16 million from the South African Department of Public Works and Infrastructure over ten years. In June 2024, First National Bank (FNB) also warned about advanced phishing and smishing tactics targeting digital wallet users.
