Dear reader

In this bulletin:

• Don’t be duped
• Your bank account will be cleared out in minutes
• Without this document, you could lose out on a R300 million deal too!
• The 13 Internet dos and don’ts that could save you

Don’t be duped!

Peter Franck, our consulting Vat guru, had some useful information for avoiding scams, and I thought I’d share it with you. I don’t want you to fall prey to these crooks!!

Here's what he had to say:

Criminals are making millions through phishing scams (computer speak for fishing for information) where they send you an email telling you SARS owes you a refund, and asking you to confirm your bank details, ID number and PIN by email.
 
Your bank account will be cleared out in minutes

If you disclose this information, your bank account will be cleared out within minutes, and neither SARS nor your bank will stand good for your loss. This situation came to my attention the other day when I was paying a speeding fine at my local police station. A chap came rushing in to lay a charge of theft. He’d just lost R71 000 from his cheque account after he responded to an email (ostensibly from his bank) telling him he was due a refund from SARS. The look on the policeman’s face told it all: another sucker, another unsolved case.
 
SARS confirmed that this type of racket has been going on for months, and there is little it, the banks or the police can do about it.

The 13 Internet dos and don’ts that could save you

The South African Banking Risk Information Centre lists the following internet do's and don’t's you should be aware of:
 

• Never respond to emails that appear to be from your bank requesting your personal details. No bank will ever ask you to confirm or update your account details via email.
• Never follow a link on a mail to access your bank’s webpage. Scammers create dummy webpages, that look and feel like the real thing… Instead, access the webpage using the web address that you got when you signed up for Internet Banking and confirm you’re on a secure site before you enter any personal details.
• Never provide your online ID, password or PIN to anyone and never write them down or share them – not even with a bank official.
• Don’t save your Internet Banking password on your desktop.
• Don’t make your passwords too personal – rather create passwords with both letters and numbers that can’t be attributed to you.
• Don’t leave your computer unattended after you’ve entered your Internet Banking password.
• Always log off or sign off at the end of a session.
• Avoid doing Internet Banking in public areas such as Internet cafes, or on any computer that people you don’t know can access.
• Change your PIN and passwords frequently.
• Place sensible transaction limits on your accounts.
• Ensure you have the latest anti-virus software applications loaded on your computer, and make sure you download all security patches to your operating system in a timely fashion.
• Only provide your credit card details to reputable companies.
• Don’t open email from unknown sources — delete them immediately, even if the title and sender details appear to be related to your bank. In fact, send these mails to your junk folder, and make sure you block the sender.

I’ve recently been the victim of credit card fraud — twice!— and let me tell you, there’s nothing more chilling than realising that the crooks have got into your account, and helped themselves to your money! The best way to protect yourself is to be vigilant and alert… and follow the tips Peter’s shared with us, so you’re not an easy target for scammers.

Until next week,

Fulvia Becatti
Managing Editor: Practical Tax Handbook & Practical Vat Handbook