Updated: Feb 25
South Africans transfer and receive funds using the internet daily. Unfortunately, where there is money, cyber criminals are not far behind.
Your emails hold a treasure trove of personal information about you and every transaction you make. This can all be traced by these cyber hackers. This is their game and they know exactly what to do and how to retrieve all this sensitive information from you by impersonation fraud, mainly using your emails to do so. A recent report by Devi Sankaree Govender (Carte Blanche Reporter) revealed that South Africa has the third highest number of cyber-crime victims in the world, with a 37% increase from 2018 to 2019. By doing so, these cyber hackers are stealing thousands of Rands from their victims, almost without a trace and retrieving your money is hardly likely.
This is how these fraudsters do it: The hacker will have a bank account in the name of say, “Harry Dube”, but they then use your name, with Harry Dube’s account number. Making the person doing the payment think it is a legitimate transaction. The bank does not block, or even flag the transaction, despite this clearing inaccuracy.
How can you prevent this type of fraud from happening to you?
The answer is Veriseal’s Bank Accountholder Verification Service. This online platform is easy to use and very affordable at only R5 per verification. It can potentially save you hundreds or even thousands of Rands.
How does it work?
You enter the account number, account name, and the identification number that was supplied into the online form, and in real-time the information provided is verified against the available information held on record at the bank. Any discrepancies are highlighted.
· Our system is user friendly and very affordable.
· With Veriseal you can issue employees with separate usernames, negating the need to access your banking profile to do verifications.
· All verifications are archived which allows you to search, download or print in a PDF format.
· Your account is pre-funded by yourself which eliminates unauthorized transactions.