Online banking scams have increased during the Covid-19 pandemic. New types of scams continue to emerge in which fraudsters lure you into providing confidential info – often via email, SMS, phone call, malware or remote access. Anyone can be a target, banks warn.

Financial institutions continue to update their systems to stay ahead of criminal activity; however, it is ultimately up to consumers to be proactive around potential online criminal activity. These types of activity will often see criminals using psychological tricks to scam consumers.

An example would be a trick where criminals get people to pay for holiday accommodation that doesn’t exist. This scam sees criminals preying on people’s anxiety about booking a last-minute holiday.

Victims are lured with what seems to be a really good deal, pay for the holiday in full, and cannot make further arrangements with the agent who has disappeared.

“An offer that seems too good to be true should make you suspicious,” warns the South African Banking Risk Information Centre.

Standard Bank has picked up on three scams that are becoming more common:

1. Fake holiday deal scams

• Fraudsters aim to exploit you by advertising incredible holidays or timeshare deals that turn out to be fake.

• The offers are often heavily discounted or are on special for a limited time only, to pressure you into buying quickly.

• Once you’ve made the payment, the fraudsters will have your money and your credit card details –…

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