There is a great need for consumer education to help you protect your personal information against the fraudulent tactics used by con artists, such as identity theft, 419 scams and card-swapping, Bonny Feldman, the head of external communications at First National Bank, says.
With a 419 scam, you are sent an unsolicited letter or email claiming to offer you a large sum of money. In many cases, the scammer duplicates the letterhead of a known bank, business or state agency. Feldman says the letters are usually written in poor English and follow a typical pattern requesting access to the intended victim's bank details and an upfront payment in order to enable a transaction worth millions of rands. The transaction never takes place and the upfront payment is lost.
Identity theft involves a fraudster obtaining your personal and bank information, usually by searching through garbage for discarded bank records and then using that information to open a new account or obtain a bank card.
Among the other scams of which consumers should be aware is card-swapping, where fraudsters will swap your card with someone else's. You think your credit card has been returned to you by a cashier, but, when you check, it has someone else's name on it, Feldman says. This can happen while you are transacting in a store or at an ATM or even while your purse is left unattended.
Always keep your card safe, and check that it is your own card that has been returned to you after transacting. If not, you should immediately report the incident to your bank's lost and stolen card helpline, she says.