Bank's Views - Vishing

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Loafy

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Hi All,

I've started seeing increased marketing from banks regarding "vishing" (ie: persons calling you, impersonating the bank and then asking you "security questions" to steal your personal information which they then use to access your account/impersonate you).

It's quite cute that the banks warn us to watch out for vishing when they're the ones contacting us over telephone for all sorts of reasons (eg: offering services/increasing credit facilities etc). The first thing they do is ask for your ID number etc.

Once or twice I've simply asked the caller "but how do I know that you're the bank"? The answer has consistently been "because I phoned you, you didn't phone us" (which is a mildly infuriating and nonsensical response).

What are the banks doing about this issue, when they are the ones who have created the environment for vishing to thrive? We have OTPs or in-app authentication for practically everything we do online, so why not for phone calls from the bank? Do any of the banks offer improved security and peace-of-mind when dealing with you over telephone?

I bank with three of the major banks and not one of them does.
 
From my own experience banks only phone you when a immediate transaction is deemed as malicious. Especially large purchases or concurrent purchase attempts. Fraud checks, and a SMS is also sent.

Otherwise, pending on your service they will communicate via post or email.

Oh, they also phone you to sell services which I despise. Absa relentlessly calls me to sell insurance. This is not account related.
 
Loafy said:
Hi All,

I've started seeing increased marketing from banks regarding "vishing" (ie: persons calling you, impersonating the bank and then asking you "security questions" to steal your personal information which they then use to access your account/impersonate you).

It's quite cute that the banks warn us to watch out for vishing when they're the ones contacting us over telephone for all sorts of reasons (eg: offering services/increasing credit facilities etc). The first thing they do is ask for your ID number etc.

Once or twice I've simply asked the caller "but how do I know that you're the bank"? The answer has consistently been "because I phoned you, you didn't phone us" (which is a mildly infuriating and nonsensical response).

What are the banks doing about this issue, when they are the ones who have created the environment for vishing to thrive? We have OTPs or in-app authentication for practically everything we do online, so why not for phone calls from the bank? Do any of the banks offer improved security and peace-of-mind when dealing with you over telephone?

I bank with three of the major banks and not one of them does.
Click to expand...

So what you are describing is what banks are doing to fight vishing. They don't want OTPs or in-app authentication when calling you. showing it is in fact the bank. The scammers want OTPs or in-app authentication to "reverse a fraudulent transaction" which is in fact some other transaction, while all a bank will want is your verbal yes or no. You are ripe for being vished it seems.
 
supersunbird said:
So what you are describing is what banks are doing to fight vishing. They don't want OTPs or in-app authentication when calling you. showing it is in fact the bank. The scammers want OTPs or in-app authentication to "reverse a fraudulent transaction" which is in fact some other transaction, while all a bank will want is your verbal yes or no. You are ripe for being vished it seems.
Click to expand...
I think you misunderstood what he is saying, the bank and other service providers send you OTPs to confirm you are the right person when you interact with them, but there's nothing on your side as a customer to confirm that you indeed talking to the bank when they are the one's initiating the interaction.

I can totally see the point he is making.
 
I use True Caller. I know its not fool proof but at least it helps me filter 90% of calls as spam or fraud.
 
Fulcrum29 said:
From my own experience banks only phone you when a immediate transaction is deemed as malicious. Especially large purchases or concurrent purchase attempts. Fraud checks, and a SMS is also sent.

Otherwise, pending on your service they will communicate via post or email.

Oh, they also phone you to sell services which I despise. Absa relentlessly calls me to sell insurance. This is not account related.
Click to expand...
This is usually the case. Last time my bank called me was when I bought my TV and then this year when I bought my PS5.

I guess since those transactions were significant, they had to make sure it wasn't fraud.
 
TheChamp said:
I think you misunderstood what he is saying, the bank and other service providers send you OTPs to confirm you are the right person when you interact with them, but there's nothing on your side as a customer to confirm that you indeed talking to the bank when they are the one's initiating the interaction.

I can totally see the point he is making.
Click to expand...
They don't send those or want those when you interact with them telephonically, and he is speaking about telephonic scam interactions specifically, aka vishing.
 
The debt collectors are also using underhanded tactics to try and "trace" people as they call it... asking for ID and so forth.
The latest scam now is to pretend they're a courier company and attempt to get you to confirm your ID number because they have a package to deliver to you. There's no package.
 
PaulMurkin said:
The debt collectors are also using underhanded tactics to try and "trace" people as they call it... asking for ID and so forth.
The latest scam now is to pretend they're a courier company and attempt to get you to confirm your ID number because they have a package to deliver to you. There's no package.
Click to expand...
After you confirm your ID number to the scammer, then what?
 
Loafy said:
Hi All,

I've started seeing increased marketing from banks regarding "vishing" (ie: persons calling you, impersonating the bank and then asking you "security questions" to steal your personal information which they then use to access your account/impersonate you).

It's quite cute that the banks warn us to watch out for vishing when they're the ones contacting us over telephone for all sorts of reasons (eg: offering services/increasing credit facilities etc). The first thing they do is ask for your ID number etc.

Once or twice I've simply asked the caller "but how do I know that you're the bank"? The answer has consistently been "because I phoned you, you didn't phone us" (which is a mildly infuriating and nonsensical response).

What are the banks doing about this issue, when they are the ones who have created the environment for vishing to thrive? We have OTPs or in-app authentication for practically everything we do online, so why not for phone calls from the bank? Do any of the banks offer improved security and peace-of-mind when dealing with you over telephone?

I bank with three of the major banks and not one of them does.
Click to expand...
The simple answer - when someone phones you in a scenario like this, asking for confidential info - you tell them to Fokof
 
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Ive been coaching my parents for a while now, if the bank phones you about fraud, take the details and phone them on the number I saved on your phone. I saved the banks fraud hotline number for them and they know to phone using that and not the one the caller gives.

We had a mess where some **** phoned and pretended to be from the banks fraud department, super professional. Even gave a ref number.
 
supersunbird said:
So what you are describing is what banks are doing to fight vishing. They don't want OTPs or in-app authentication when calling you. showing it is in fact the bank. The scammers want OTPs or in-app authentication to "reverse a fraudulent transaction" which is in fact some other transaction, while all a bank will want is your verbal yes or no. You are ripe for being vished it seems.
Click to expand...
If a popup on my banking app appeared saying "You are talking to Mark from ABSA, confirmation number 12345", and then Mark from ABSA was able to repeat that number, I'd be pretty comfortable that I'm talking to the bank. The alternative is blindly trusting a person who has phoned you. I think you're missing the point.

TheChamp said:
I think you misunderstood what he is saying, the bank and other service providers send you OTPs to confirm you are the right person when you interact with them, but there's nothing on your side as a customer to confirm that you indeed talking to the bank when they are the one's initiating the interaction.

I can totally see the point he is making.
Click to expand...
Spot on.
 
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