‘Vishing’ is the act of using the telephone in an attempt to scam victims into surrendering private information that will be used for identity theft. ‘Identify theft’ is the act of using someone else’s identity (personal identifying information like their name and identity number), without their permission, to gain access to their bank accounts.
Increasing cases of vishing have been reported where fraudsters pretend to be Standard Bank officials and call customers to manipulate them into sharing their personal information such as One Time Password (OTP), ATM PIN, credit or debit card number, card expiry date, card verification value (CVV) number, etc.
One of the tricks that scammers use is to ask customers to upgrade (such as activating SMS notifications or increasing loan limits), verify or confirm their personal account information, failing which they made to believe that their accounts will be suspended.
The fear of having their accounts suspended prompts customers to divulge confidential information over the phone, leading to fraudsters using this information for identity theft and fraud schemes. Criminals are continuously trying to find new ways to defraud the public. Clients must remain vigilant and take the necessary precautions to keep their private information confidential.
Standard Bank would like to assure clients and the general public that Standard Bank will never ask for their One Time Password (OTP), ATM PIN, credit card or debit card number, card expiry date, or card verification value (CVV) number, over the telephone.