Sources at the blue chip listed bank said unidentified scammers had employed different tactics in an attempt to defraud the bank’s customers over the busy festive season.
Such tactics include vishing, phishing, social engineering and card fraud. Vishing is a scamming attack conducted over the phone with the criminals attempting to secure account information, while phishing involves fraudulent emails, text messages, phone calls and other tricks designed to make customers reveal private account information.
According to Interpol, social engineering fraud is a broad term that refers to the scams used by criminals to exploit a person's trust in order to obtain money directly or obtain confidential information to enable a subsequent crime. Social media is the preferred channel but it is not unusual for contact to be made by telephone or in person. "Scammers used voice calls to deceive individuals into divulging sensitive information during the holiday period,” insiders told BusinessMonitor. “They also attempted to obtain confidential data such as usernames, passwords, and credit card details through deceptive emails and websites.” The insiders revealed that fraudsters had employed various social engineering techniques to exploit human psychology and gain unauthorised access to customer accounts, posing a serious risk to the security of customer information.
Absa Bank Botswana spokesperson, Spencer Moreri, said the bank has proactive steps in place to combat fraud, which include a fraud monitoring system and a strong institutional focus on fraud prevention. "Absa has deployed different interventions or rules in its monitoring system to mitigate threats.
“The bank deploys two-factor authentication in the mobile App, and device session capability to determine and deter unauthorised accesses across customer devices," said Moreri. He emphasised that customer education is also a top priority for Absa and the bank strives to empower its customers with the knowledge and tools to avoid falling victim to fraud. "Customer education is our top priority. We regularly sensitise our customers of trends in fraud and share prevention tips such that our customers do not fall victim to scams and fraudsters," he said.
Moreri highlighted the bank's continuous efforts to review and improve their systems, ensuring that they remain effective and secure for their customers. "We have in place fraud monitoring systems where we are able to identify certain card fraud attacks. In some instances, we are able to deploy interventions to block transactions and eventually prevent fraud. “In other instances, especially involving social engineering, customers report cases and where funds are available, the bank is able to block transactions and customer cards to prevent fraudsters from intercepting customer accounts," he said.
The bank spokesperson added that fraud prevention is an area of focus and Absa is committed to staying ahead of emerging threats to safeguard its customers' financial well-being. "Our proactive approach to fraud prevention reflects our dedication to providing a secure banking experience for our customers,” he said.
