The Bankers Association of Namibia (BAN) says it has noticed an uptick in financial scams targeting pensioners.
The fraudsters use sophisticated methods to rob retirees of their hard-earned life savings.
Here’s a question and answer session with BAN spokesperson Brian Katjaerua (BK) to provide tips to the elderly.
Q: Why are pensioners targeted?
BK: Retirees are generally less tech savvy and more trusting.
Q: What is phishing?
BK: Phishing is when fraudsters send deceptive emails or text messages posing as an employee from a legitimate bank or financial institution.
These messages often create a false sense of urgency, prompting recipients to click on malicious links or divulge personal information like their personal identification number (PIN).
Q: What should pensioners remember?
BK: Be wary of any unexpected written communication from banking employees who ask for personal details
Don’t fall victim to scare tactics that prompt immediate action, such as moving your funds to another account for “safe keeping”.
Q: What is vishing?
BK: Where phishing occurs via text or email, vishing involves voice phishing.
Scammers call pensioners, impersonating bank representatives to extract confidential information or coerce them into transferring money.
Q: What should pensioners remember?
BK: These calls can be particularly convincing, as fraudsters may have obtained some personal information that makes them sound credible.
These scammers are very persuasive and come across as a professional and trustworthy.
Fraudsters exploit the trust of their victims and use high-pressure tactics to manipulate you into making hasty decisions, ultimately, leading to financial loss.
Q: How can pensioners outwit a banking fraudster?
BK: Verify the source of the call, email or text.
Always double-check the sender’s email address or phone number before responding to any financial-related communication.
If you receive a suspicious call, email or text, do not respond. Instead, contact your bank immediately.
Be sceptical. Never part with personal or confidential information. Banks will never ask for passwords or PINs over the phone or via email.
Never allow yourself to be pressured into making immediate decisions, especially regarding finances.
If you bank digitally, keep your security software updated.
Use strong passwords. Create complex passwords for each online account and change them frequently.
Most banks offer two-factor authentication – make sure you enable this as it adds an extra layer of security to your accounts.
Pensioners should remember that knowledge is their best defence against fraud. They should stay vigilant, trust their instincts, and if something seems too good to be true or feels suspicious, it probably is.
– Bankers’ Association of Namibia
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