As social media continues to gain prominence amongst South African consumers, platforms like Instagram, Youtube, Facebook and Twitter have also become a platform where fraudsters attempt to catch unsuspecting consumers off guard.
Kovelin Naidoo, Chief Cyber Security Officer at FNB, says although social media scams in South Africa are not yet prevalent, compared to our global counterparts; the reality is that they do exist.
“Given that the popularity of social media is set to remain for the coming years, consumers are encouraged to constantly educate themselves and their loved ones about the latest methods that fraudsters use to get hold of their victims’ personal information,” adds Naidoo:
Never share your banking details with strangers and think twice before sending money to someone you recently met online or haven’t met in person yet.
Dating and romance scammers often lower your defences by appealing to your compassionate side in order to take advantage of you.
Fraudsters can steal your information and use it illegally by impersonating you.
Do not allow your account to be used by another person to deposit or transact on. This can put you in serious trouble with authorities as allowing proceeds of crime to be laundered through your bank account, knowingly or unknowingly, is a criminal offence.
Furthermore, never open a bank account in your name on behalf of a person you have met on social media platforms, irrespective of the circumstances.
“When all safety precautions are taken into account, social media remains one of the best platforms that consumers can use to keep up to date with the latest news and trends, interact and catch up with friends and family,” concludes Naidoo.