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Recent reports indicate a sharp rise in banking fraud in South Africa.
This demands immediate attention and proactive measures.
SSS has observed an alarming increase in sophisticated cybercriminal tactics targeting individual bank accounts.
LISTEN TO THIS INSIGHTFUL INTERVIEW
AS MR MIKE BOLHUIS DISCUSSES THE ISSUE:
COMMON TACTICS USED BY CYBERCRIMINALS:
PHISHING SCAMS:
Phishing scams are the most frequently used method of fraud used by scammers.
Criminals contact victims, often impersonating bank officials, to obtain sensitive information such as OTP (One-Time Password) codes.
These scams are designed to access victims' bank accounts via banking apps.
SIM CLONING:
More sophisticated than phishing, SIM cloning requires technical knowledge and potentially insider contacts in phone companies.
Once criminals clone a SIM card, they can reset passwords for any account linked to that phone number.
This access allows them to change information in banking apps, such as disabling notifications for transfers or withdrawals, making it easier to be undetected when money is being stolen.
THE IMPACT OF PHISHING AND SIM CLONING:
Phishing scams exploit urgency and pressure, creating realistic scenarios to trick victims into revealing sensitive information.
SIM cloning enables criminals to take control of a victim's phone number, intercept messages, and reset account passwords.
Both methods pose significant risks, especially to vulnerable demographics like the elderly or less tech-savvy individuals.
DO NOT BECOME A VICTIM:
Be sceptical of unsolicited messages:
Be cautious if you receive an email, call, or message you did not expect. Do not click on links or provide codes unless you know the sender's identity.
Monitor your accounts regularly:
Check your bank balances and transaction history regularly to quickly spot unauthorised activity.
Contact your network provider immediately:
If you receive an SMS about a SIM swap that you did not request, contact your network provider immediately to prevent unauthorised access.
Use secure channels:
Always verify the authenticity of communication and use secure channels for sensitive transactions.
Educate yourself and others:
Stay informed about the latest scams and educate those around you, especially those who may be more vulnerable.
THE ROLE OF BANKS:
South African banks have implemented many security measures to protect their customers, but there is always room for improvement.
Banks should:
Improve Reaction Times:
Faster response times for freezing reported accounts can prevent further losses.
Enhance Customer Education:
Regularly update customers on the latest scams and preventive measures.
PROTECTING YOUR MOBILE BANKING ACTIVITIES:
For those who rely on mobile banking, here are additional tips to ensure your activities are secure:
Secure Your Device:
Keep your device clean and free of unnecessary information.
Always use a secure lock code.
Avoid Public Wi-Fi:
Do not conduct banking transactions in public places where your connection might be compromised.
ADVICE FOR BUSINESSES:
Businesses must take steps to protect their assets and customers' financial data:
Invest in Security Services:
Employ companies like SSS to monitor and secure your digital infrastructure.
Educate Employees:
Regularly train staff on the latest scams and cyber threats.
Implement Preventive Measures:
Use advanced security protocols to safeguard sensitive information.
With the rise in banking fraud, individuals and businesses must remain vigilant and proactive.
Understanding the tactics criminals use and taking appropriate preventive measures will significantly
reduce the risk of falling victim to these sophisticated scams.
Financial institutions are also responsible for enhancing their security measures and
educating customers to protect their finances more vigilantly.
Stay safe and informed.
Specialised Security Services invites the public to the Mike Bolhuis Daily Projects WhatsApp Group.
This group is important in delivering insights into the latest crime trends, awareness, warnings and the exposure of criminals.
HOW TO JOIN THE MIKE BOLHUIS DAILY PROJECTS WHATSAPP GROUP:
Follow the link to our WhatsApp group:
"JOIN" to ensure you never miss our daily updates.
You will receive automatic notifications as soon as a new project is posted.
CONTACT MR MIKE BOLHUIS FOR SAFETY AND SECURITY MEASURES, PROTECTION, OR AN INVESTIGATION IF NEEDED.
ALL INFORMATION RECEIVED WILL BE TREATED IN THE STRICTEST CONFIDENTIALITY AND EVERY IDENTITY WILL BE PROTECTED.
Regards,
Mike Bolhuis
Specialist Investigators into
Serious Violent, Serious Economic Crimes & Serious Cybercrimes
PSIRA Reg. 1590364/421949
Mobile: +27 82 447 6116
E-mail: mike@mikebolhuis.co.za
Fax: 086 585 4924
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EXTREMELY IMPORTANT: All potential clients need to be aware that owing to the nature of our work as specialist investigators there are people who have been caught on the wrong side of the law - who are trying to discredit me - Mike Bolhuis and my organisation Specialised Security Services - to get themselves off the hook. This retaliation happens on social media and creates doubt about our integrity and ability. Doubt created on social media platforms is both unwarranted and untrue. We strongly recommend that you make up your minds concerning me and our organisation only after considering all the factual information - to the exclusion of hearsay and assumptions. Furthermore, you are welcome to address your concerns directly with me should you still be unsatisfied with your conclusions. While the internet provides a lot of valuable information, it is also a platform that distributes a lot of false information. The distribution of false information, fake news, slander and hate speech constitutes a crime that can be prosecuted by law. Your own research discretion and discernment are imperative when choosing what and what not to believe.
STANDARD RULES APPLY: Upon appointment, we require a formal mandate with detailed instructions. Please take note that should you not make use of our services – you may not under any circumstance use my name or the name of my organisation as a means to achieve whatever end.
POPI ACT 4 of 2013 South Africa: Mike Bolhuis' "Specialised Security Services" falls under Section 6 of the act. Read more here: https://mikebh.link/fntdpv
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Mike Bolhuis Specialised Security Services
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Pretoria, Gauteng 0039
South Africa
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