In the current digital age, convenience and accessibility have revolutionized banking, making services like mobile and Internet banking an integral part of our daily lives.Equity Bank Kenya, for instance, has been at the forefront of this transformation, offering customers the ease of managing their finances at their fingertips. However, the risk of fraud
looms alongside these conveniences, demanding vigilant consumer education to safeguard against potential threats. As a result, we have compiled some ways to protect yourself while carrying out mobile transactions.
Why do you need to safeguard yourself against these threats?
Mobile and internet banking fraud encompass various deceptive practices aimed at illicitly accessing your financial information or funds. Fraud in mobile banking has been a challenge in Kenya, impacting both financial institutions and consumers.
Several studies and reports have shed light on the significant effects of fraud on mobile banking in the country, from phishing emails and texts to fake websites and malware-infected apps. Fraudsters employ sophisticated tactics to deceive consumers into their tricks, and understanding these risks is crucial to protecting yourself effectively.
Fraudulent activities in mobile banking result in financial losses for consumers as well. From unauthorized transactions to identity theft, you are likely to face monetary losses due to fraudsters exploiting vulnerabilities in the system or through social engineering tactics into your account.
Fraud tends to erode trust and confidence in mobile banking systems. When customers experience fraud or hear about security breaches, they might become hesitant to use mobile banking services, impacting the adoption rate and growth of the mobile banking sector.
How can you mitigate these risks?
We have outlined some of the best practices you can employ to mitigate fraud attempts on your
account. They include:
Secure Passwords and PINs: Use strong, unique passwords and change them regularly. Also,avoid easily guessable information like birthdays or sequential numbers. Equally, safeguard your PINs, refraining from sharing them with anyone.
Two-Factor Authentication (2FA): Another way to secure your accounts is by enabling a 2FA whenever possible. This adds an extra layer of security by requiring a second form of verification, usually through a code sent to your phone to authorize any transactions before they proceed.
Official Apps and Websites: watch out for fake mobile banking accounts too. Download apps and access websites only from official sources, and always be cautious of links in emails or texts, as they could lead to fraudulent sites designed to steal your information. Be aware of common fraud tactics. Equity Bank regularly communicates with customers about potential threats. Keep an eye on their official communications and update yourself with the latest fraud schemes.
Lastly, continually monitor your account activity. From time to time, review your account statements and transaction history. Report any unfamiliar or suspicious activity immediately to the bank. Be wary of unsolicited emails or texts asking for personal or financial information. Legitimate organizations seldom request such details via email or text.
How to identify fraudulent attempts
Phishing: Be wary of unsolicited emails or texts asking for personal or financial information. Legitimate organizations hardly ever request such details via email or text.
Fake Websites and Apps: Fraudsters create fake websites or apps resembling legitimate ones. Always verify the authenticity of the site or app before providing any sensitive information.
Social Engineering: Fraudsters may impersonate bank representatives, seeking information under pretenses. Remember, reputable institutions won’t ask for sensitive information over the phone or email.
Equity Bank’s Commitment to Security
Equity Bank prioritizes customer security. They employ robust security measures and continually update their systems to combat emerging threats. Also, they have invested in cutting-edge technology and provide educational resources to empower you to recognize and prevent fraud.
Click here for more information: https://equitygroupholdings.com/ke/secure-
banking-tips
Do NOT engage fraudsters on call or SMS – Equity will only call you through 0763 000 000. Do not receive instructions on phone through a phone call or SMS from people purporting to be Equity staff to commit any banking transaction on your phone. If you receive such a call or SMS, report by forwarding that number to 333 immediately. You can also visit the nearest Equity branch or Equity Agent for assistance.
Ultimately, the convenience of mobile and Internet banking brings immense benefits, but it’s crucial to remain vigilant against fraud. As an Equity Bank customer, your awareness and proactive measures are pivotal in protecting your financial assets. By adopting best practices, staying informed, and leveraging the Bank’s resources, you fortify your defenses against fraudulent attempts, ensuring a secure and seamless banking experience.