Discovery Bank Issues Scam Warning: How to Stay Safe This Festive Season

As the festive season approaches, Discovery Bank is cautioning its customers to stay vigilant against a rise in financial scams. The bank has joined other financial service providers in highlighting the risks associated with online shopping and ATM fraud during this busy period.

Beware of “Too Good to Be True” Offers

Discovery Bank warns customers to think twice before falling for deals that seem exceptionally cheap.

“If it seems too good to be true, it probably is. Protect your money this holiday season,” the bank stated.

Safety Tips from Discovery Bank

To help customers avoid falling victim to scams, Discovery Bank shared the following tips:

1. Verify Online Links: Never click on suspicious links; always type the website URL manually.
2. Use Secure Payment Gateways: Stick to the site’s official payment system for transactions.
3. Read Authorisation Messages Carefully: Check details such as the currency and merchant before approving transactions.
4. Enable Alerts: Set up instant notifications to track account activity.
5. Report Lost Devices: Notify your bank immediately if your phone or card is lost or stolen.
6. Limit Risks: Keep EFT and ATM withdrawal limits low.
7. Be Cautious at ATMs: Criminals often tamper with ATMs or use distractions to steal cards and PINs.
8. Contact Fraud Teams: When in doubt, call your bank’s fraud team for assistance.

Festive Season Scams on the Rise

Discovery Bank is not alone in raising alarms. Standard Bank also reported an uptick in fraudulent activities, particularly around ATMs.

Common ATM Scams

• Language Settings: Criminals alter ATM language settings to confuse users.
• Card Slot Jamming: Fraudsters jam card slots or tamper with PIN pads to steal cards or money.
• Shoulder Surfing: Thieves watch customers input their PINs to steal their credentials.

The Rise of Vishing

Fraudsters are also using phone scams, known as vishing, to deceive victims. Impersonating bank officials or government agents, scammers often claim an account is compromised and urge victims to transfer money to a “safe” account.

“A growing concern is victims approving one-time passwords (OTPs), giving fraudsters access to their accounts. Never share credentials or transfer money at anyone’s request,” said Athaly Khan, Head of Fraud Risk Management at Standard Bank.

How to Stay Protected

• Check ATMs and point-of-sale devices for signs of tampering.
• Avoid sharing sensitive information over the phone, even if the caller claims to be from a trusted institution.
• Trust your instincts—if something feels off, take extra precautions.

With scams on the rise, vigilance is essential. Follow these tips to safeguard your finances this holiday season and report any suspicious activities to your bank immediately.

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