TymeBank on Tuesday cautioned consumers about fraudsters using notifications about the VAT increase, which is expected to come into effect on 1 May, as bait to trick you.
“It’s not just banking customers who are being targeted. Anyone who has an account or subscription where VAT is payable, be that a mobile service provider, a retailer, a healthcare service provider or similar, is at risk,” George Wandsella, Head of Operational Risk and Fraud at TymeBank, said.
The bank said that the fake notifications create a sense of legitimacy and urgency, urging users to click on links to “learn more”, “see updated charges/fees” or “verify their accounts.”
These links typically lead to phishing sites created to steal login credentials.
This latest trend highlights the growing threat of opportunistic cybercrime, with fraudsters also taking advantage of certain times in the year, such as holidays and tax filing seasons.
“TymeBank has zero tolerance for fraud and is unwavering in our commitment to protect our customers. We urge them to be cautious, and to stop and think before they click,’’ Wandsella added.
Phishing and vishing are cybercrime tactics where attackers impersonate legitimate institutions, such as banks, in an attempt to trick individuals into revealing personal or financial details, including passwords, card numbers, or one-time passwords (OTPs).
These scams often come via emails, SMSes, or fake websites made to resemble genuine services.
TymeBank reminds customers of the following essential security practices:
- Verify all communication: Never share personal passwords, PINs, or OTPs. TymeBank—and all reputable banks—will never request this information via phone, email, or SMS.
- Activate multiple authentication factors: Use biometric authentication, such as fingerprint or facial recognition, on your banking app to enhance account security.
- Be alert to SIM swap fraud:Pay attention to unexpected loss of mobile signal, SMS delivery issues, or unfamiliar SIM notifications. These may indicate a SIM swap. Contact your mobile provider immediately and notify TymeBank if you are a customer.
- Verify unexpected callers:Even if the caller ID appears to show your bank’s number, remain cautious. Fraudsters can spoof numbers to look legitimate. Hang up and call the bank using verified contact details.
- Maintain device security:Keep your smartphone’s operating system and banking app updated to the latest version to benefit from security enhancements.
- Monitor your accounts:Check your transactions regularly and enable real-time notifications to spot any unusual activity quickly.
- End suspicious interactions immediately: If you receive a suspicious or high-pressure call, SMS, or email, end the interaction immediately and report it to your bank directly.
- Be wary of urgency tactics:Scammers often create a false sense of urgency. Always take time to verify requests, no matter how urgent they seem.
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