How to stay safe online when using international banking

It’s not so easy to set your mind at ease if you can’t walk into the store or company’s front door. Especially when reports of the rise in online fraud are coming from a recent Interpol report, annual fraud reports by UK banking regulators, as well as South African industry groups.

One common thread in these reports is that many payments to fraudsters are due to an error in judgement. Criminals prey on human weaknesses to steal passwords, but just as readily convince their victims to willingly transfer funds to them.

Sadly, even in cases where you’ve been deceived by the fraudsters, banks cannot always recover your funds.

With that in mind, here are some tips to help you stay safe when transacting online:

Online banking security basics

Keeping your login details safe is the first step in online banking security. Never share your passwords, one-time PINs, or any security codes. Also, don't use the same password for different accounts. We will never ask for these details.

Verify, verify, verify

Always double-check who you're sending money to, especially if it's an international transaction. If someone you've only met online asks for money, or if you're thinking about investing with an online company, take time to verify their details.

Tell-tale signs to look out for

Be cautious if someone demands quick payment or secrecy. By being vigilant and taking these precautions, you can significantly reduce the risks associated with online banking, particularly for international transactions.

Scams often use urgent and persuasive tactics to trick you into making payments or sharing personal information. Always be cautious and double-check any information before making a transaction.

Do your own research before making any payments, and check that the person or company you're paying is legitimate. If something feels off, like a sudden change in payment details, stop and double-check.

Common scams to be aware of

Online scams come in various forms, and it's crucial to be aware of the most common types to protect yourself effectively.

• Bank transfer scams: In this scam, you may receive a call from someone claiming to be from your bank. They might ask you to move your money to a 'safe account' due to a supposed security breach. Always verify such calls directly with your bank before taking any action.

• Investment scams: These scams often promise high returns on investments in a short period. You might be contacted by someone claiming to be an investment adviser, urging you to invest in a 'once-in-a-lifetime' opportunity. Always verify the legitimacy of the investment and the adviser before making any commitments.

• Remote access scams: Here, fraudsters pose as technical support from a service provider. They claim there's an issue with your computer and ask for remote access to fix it. Never grant access to your computer to anyone you haven't contacted yourself.

• Email or text scams: Also known as phishing, these scams involve receiving an email or text message that appears to be from a trusted source. The message will ask you to confirm your banking details or click on a link. Always be cautious with unsolicited messages and verify their authenticity.

• Changes to payment details: While companies do sometimes change their banking details, this is also a popular scam that criminals use to siphon money. So, if you get a notice that a company’s banking details have changed, check directly with the firm before amending your payment details.

• Romance scams: In these scams, someone creates a fake profile on a dating site or social media. After gaining your trust, they may ask for money for various reasons, like medical emergencies or travel expenses. Always verify the identity of the person you're involved with online.

• Authorised push payment scams: You receive an email that appears to be from a trusted source, like a supplier or even your boss, asking you to make an urgent payment. Always double-check these details independently before making any payments.

By being aware of these common scams, you can take proactive steps to protect yourself. Always remember to stop, think, and verify before making any online transactions, especially international ones.

We have created a more comprehensive guide on how to stay safe online here. Even if you feel you’re not susceptible to the ways and wiles of financial criminals, it’s always best to err on the side of caution. If criminal ways are changing, then you’ll be better prepared by knowing about them.

The bottom line is to stay alert and stay informed to give yourself the best chance of avoiding losses.

If you believe you’ve been the victim of fraud, get in touch with us right away.

If calling internationally +44 (0) 1624 643643, if calling from within South Africa

0860 033 269 or email us at [email protected]