Spot a scam before you act

Fraudsters need not hack your bank account to steal your money. Sometimes, they just need to convince you to do something that perhaps you normally wouldn't, such as click a link, approve a transaction or download an app.

And their approach can be convincing. A message may look like it comes from a company you know. A caller may sound professional and know enough about banking to seem legitimate. An online offer may appear just when you're looking for a holiday or a good deal.

Knowing what to look out for can help you stay one step ahead.

Be careful when there's pressure to act

A common scam starts with an SMS or email warning you about suspicious activity on your account. Soon afterwards, someone claiming to be from your bank may call and offer to help.

They may tell you that you need to approve a request in your banking app to stop or reverse a fraudulent transaction. But approving the request could actually authorise the payment.

Discovery Bank will never ask you to approve a transaction to reverse fraud.

If someone contacts you unexpectedly and pressures you to act, pause. Don't share your password, PIN, OTP, banking credentials or card details. If you're unsure about a call claiming to be from your bank, end the call and contact the bank yourself using an official contact channel.

Look closely at tempting online deals

Busy shopping periods such as Black Friday and Cyber Monday give fraudsters plenty of opportunities. Fake online stores, social media ads, websites and payment links can all be used to advertise products that don't exist.

Before paying, check the website address carefully and stick to retailers and websites you trust. Be particularly careful if an item is significantly cheaper than you would normally expect, or if you're asked to pay directly into someone's personal bank account.

The same care applies when buying vehicles, electronics and other high-value goods through online marketplaces or social media. Where possible, inspect the item and verify who you're dealing with before paying a deposit or the full amount.

Check before you book your holiday

That great accommodation or flight deal deserves a second look too.

Fraudsters advertise fake holiday accommodation, packages and airline tickets, then ask for an upfront payment or deposit. The victim may only discover later that the accommodation doesn't exist or the booking was never made.

Book through reputable providers and check the details independently. You can confirm a booking directly with the airline, hotel or accommodation provider before paying, and research the provider rather than relying only on the information in an advert or message.

Don't give someone access to your device

Another warning sign is being asked to install an app or software to complete a transaction.

For example, someone posing as a travel agent may ask you to download an app as part of a booking. The software could give criminals access to your device, allowing them to initiate payments.

Only download apps from official app stores and trusted providers. Be wary if an app asks for unusual permissions or if someone insists that you need extra software to complete a purchase or booking.

Be sceptical of investment promises

Investment opportunities promoted through social media and messaging groups can look convincing, particularly when they promise impressive returns or appear to be endorsed by someone you recognise.

Be cautious of guaranteed returns or offers promising high returns with little risk. Check that the investment provider is properly registered and regulated, and do your own research before transferring any money.

Protect yourself

A few good habits can make it much harder for fraudsters to succeed:

• Never approve a banking request you didn't initiate.
• Don't click suspicious or unsolicited links.
• Never share your PIN, password or OTP.
• Only download apps from trusted app stores and verified providers.
• Verify unexpected requests independently before paying.
• Keep an eye on your account activity and transaction notifications.

If you suspect fraud, decline suspicious authentication requests and contact the Discovery Bank Fraud team immediately on 011 324 4444.

When something feels rushed, unusual or simply too good to be true, giving yourself a moment to check could protect your money.