Safe Banking This Festive Season

Imagine it’s Christmas Eve, that magical time of the year. You are almost done shopping, and what’s left is to pick up Christmas clothes for the little ones. A convincing email comes from your favourite retailer: a free gift card. Perfect timing, right? Ignoring that gut feeling, you click the link and give out your personal information, only to realise too late that your bank account is drained, and your Christmas joy has been replaced with dread.

That’s the unfortunate reality of the situation. While the festive season is in full swing and a lovely time for celebration and gift-giving, it’s regrettable also when fraudsters are super busy.

GoTyme Bank is committed to ensuring your financial safety during this busy time. Our advanced security features allow you to enjoy safe banking, fraud prevention, and a stress-free holiday season with your loved ones. They also protect you from the online banking pitfalls that could ruin your festive season.

Why Banking Security is Critical During the Festive Season

Over the years, the festive spirit has become synonymous with indulgence. As a result, there has been a surge in online shopping, card swipes, and ATM visits. Unfortunately, scammers take advantage of the increased spending and relaxed vigilance. In fact, according to the South African Banking Risk Information Centre (SABRIC), criminals use consumers’ end-of-year bonuses and holiday mode to carry out scams and fraud, mainly in the form of phishing, vishing, card skimming, and ATM fraud.

What are Phishing and Vishing?

Phishing occurs when scammers steal sensitive information like usernames, passwords, and credit card details via email. Signs include unknown senders, spelling errors, emotional appeals, and suspicious links. Voice phishing, or vishing, happens over the phone, where con artists trick victims into revealing personal information or making payments. Stay safe by verifying sources before clicking links or sharing details.

SABRIC highlights that scammers often pose as bank officials or trusted service providers to manipulate unsuspecting individuals into sharing that confidential information over the phone or online. Understanding these threats and adopting safe banking practices are crucial to staying safe.

GoTyme Bank’s Advanced Security Features

At GoTyme Bank, your financial security is a top priority, especially during the festive season. Our cutting-edge security features are designed to keep your money and personal data safe. Here’s how we ensure secure banking:

1. GoTyme Bank provides virtual cards for safe online shopping. Unlike regular cards, these virtual cards aren’t tied directly to your physical wallet, which lowers the chance of theft or fraud. So, while they work like regular Visa bank cards, they’re entirely digital and live on your phone in the banking app, keeping your main account secure.
2. The digital bank uses two-factor authentication (2FA) to authorise all Internet banking and app payments, keeping your account safe. This extra step ensures that even if someone gets your banking details, they can only complete a transaction with your permission and OTP. Keep this code private.
3. GoTyme Bank informs you by sending free push notifications whenever a transaction is made on your account. This lets you stay alert, easily track your activity, and quickly spot unauthorised transactions.
4. Our fraud contact centre is available 24/7. If you want to report a fraud incident, we can immediately block your bank account or deactivate your digital banking profile.

Tips for avoiding banking Scams and Fraud

You can safeguard your finances from fraudsters this festive season with the proper precautions. Here are some essential tips:

• Keep your PIN safe: Remember your PIN—don’t write it down. Also, be sure that no one is watching you when you enter it at ATMs or stores.
• Avoid public Wi-Fi: When connected to public Wi-Fi, such as a library or internet café, it’s best to avoid checking your banking apps or making transactions. Instead, use your mobile data for a safe banking experience.
• Watch out for phone calls: Banks will never ask for your sensitive information over the phone. If someone claims to be from the bank and asks for this information, hang up immediately.
• Keep an eye on your accounts: Review your bank statements and alerts regularly for anything unusual.
• When shopping online: Always choose trusted websites that offer safe payment options. Check for “https” in the website address, and be cautious of deals that seem too good to be true. It probably is.
• Don’t respond to ‘giveaways’ on social media: They will claim you won a prize when you didn’t enter.
• Be cautious of phishing emails: If you receive an email that claims to be from your bank or any service you don’t recognise, avoid clicking on links or downloading attachments.
• Stick to well-lit and familiar ATM locations: Before using your card, look for signs of tampering, such as skimming devices. A quick wiggle should do the trick.
• Educate your vulnerable loved ones: Older users, especially late adopters of technology, are at risk. Teach them what to look out for to avoid being scammed.

How GoTyme Bank alerts help you stay vigilant

GoTyme Bank makes it easy to monitor your account with real-time alerts. Each time you make a transaction; you’ll get an SMS or app notification detailing what happened so you can respond quickly if anything looks suspicious.

Our user-friendly app lets you review your transaction history and easily adjust your account settings. If you think your account has been compromised, you can quickly block your card or deactivate your digital banking profile directly from the app.

Secure banking practices to adopt

To further enhance your banking security, consider adopting these practices:

1. Enable biometric authentication: Protect your banking with fingerprint or facial recognition for extra security.
2. Keep your contact info updated: Ensure your bank has your latest phone number and email address so you can get essential notifications immediately.
3. Change your passwords often: Believe it or not, the world’s most popular password is 123456—you shouldn’t use it. Make sure your passwords are strong and creative for your online banking.
4. Pay quickly with GoTyme Bank’s EFT feature: The GoTyme Bank app allows you to send money without carrying large amounts of cash.

What to do if you’ve been targeted

If you suspect your banking details have been compromised, act immediately:

• Contact GoTyme Bank at 0860 999 119 to block your account or deactivate your digital banking profile.
• Change your PIN and passwords to prevent further unauthorised access.
• Be on the lookout for recovery scams. These scams target people who have fallen victim to previous scams. The fraudsters claim to help you recover lost funds for a fee. Don’t fall for it.

Celebrate securely by opening a GoTyme Bank Account today

Don’t let worries about fraud ruin your festivities. With GoTyme Bank’s strong fraud prevention measures and safe banking habits, you can protect your money and enjoy what matters most—making happy memories with your loved ones.

You can access all these safety tools by opening a GoTyme Bank account in less than five minutes. The GoTyme Bank app gives you access to seamless transactions, a bank account with no monthly fee, and double Smart Shopper points. Simply download the GoTyme Bank app or open an account online to activate these benefits.

All you’ll need is:

• A South African ID number
• An active South African cellphone number
• Be 16 years or older

Happy Holidays!