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HOW TO PROTECT YOUR BANK ACCOUNT FROM FRAUDSTERS

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3 years ago

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HOW TO PROTECT YOUR BANK ACCOUNT FROM FRAUDSTERS

Introduction

Have you ever been scammed before? If yes, you’ll relate to this article as you’ll want to know how to protect your bank account from fraudsters. Sadly, fraudsters are everywhere, and one has to be conscious and stay alert or stand the risk of getting scammed.  

We often get customer complaints about how their accounts have been compromised in one way or the others. Sometimes, it could be their fault as they were careless with their bank account details. But understandably, there were times when it was beyond their control.

The goal is to try as best as possible to ensure that your bank account is safe from fraudsters, and we will share some tips in this article. We have seen that most people are aware of these tips but often pay careless attention to them. Therefore, comprising their bank account and being at the risk of getting scammed and swindled.

They say that to be forewarned is to be forearmed, which is this article’s goal. As we encourage people to open bank accounts to keep their money safe and perform other banking activities with ease, we also want your bank accounts to be secure.

 

10 Ways to Protect Your Bank Account Against Scammers

Below are ten tips you can use to make your bank account stronger against scammers. We are not saying that it eliminates fraudsters. However, it reduces their chances significantly and leaves the account well-protected.

In no particular order, the tips are:

  • Use unique pins and passwords

It should be a no-brainer that your bank account’s pins and passwords should be unique. But unfortunately, we see people using common and guessable passwords and pins like 0000 or 1111. These are pins that almost anyone can guess, and it leaves your bank account protected.

When setting up pins and passwords for your bank account, it would be best to use things that even those around you would not guess easily. For example, the password or pin for your bank account shouldn’t be your birthdate, as that would also be easy to guess.

We are not saying that you should use something complicated or a pin or password that you wouldn’t remember. But ensure that it is unique.

  • Don’t share your pin or password with anyone

We often hear some customers say that they had to tell a family member their pin or password in situations where they might forget it. It is usually expected of the older generation. However, sharing your pin or password with anyone, including family, puts your bank account at risk.

Now, what if your trusted family member mistakenly shared that information with someone else, and it gets to the ears of fraudsters? Of course, you know that your bank account is now compromised, and they could swindle all your money.

So, we do not advise that you share your pin or password with anyone. Even if you must write down your password or pin somewhere, it would be best to use a password manager.

  • Be careful of using public Wi-Fi

It should be common knowledge that one would need an internet connection to carry out specific banking actions from mobile devices. The world has gone digital, and so has the banking sector. Undoubtedly, it has given ease and convenience to everyone.

However, we see some cases where people need to carry out some transactions urgently, and they do not have an internet connection or run out of data. In such a case, they try to connect with any public Wi-Fi to carry out their transaction.

But, allow us to tell you that you cannot trust any public Wi-Fi as you are not sure of the source. Moreover, some of them may infringe on your privacy and get your private banking information. It thereby puts your bank at risk.  

  • Be conscious of your balance

How much is your bank balance? No, we are not saying that you should tell us the amount. However, you should know to ensure your bank account is safe from fraudsters.

We’ve encountered a lady who didn’t like to check her account balance as she gets nervous and anxious once her balance has gone below a certain amount. But we advised her that it is always best to know her bank account balance.

Some of these fraudsters are not out to clear your bank account at once. Instead, they take money out in bits over a long period. And you cannot notice this if you are unaware of your bank account balance.

  • Check any machine before use

Recall how we mentioned earlier that the world has gone digital and the banking sector. It also applies in this case to using ATMs and other banking devices.

We advise that people are conscious of any machine they want to use for any banking transaction as fraudsters have also developed a means of defrauding people through these machines.

If you use bank agents, it is best to stick to a particular person so that you’ll know who to hold if you notice mischievous changes with your bank account.

  • Be wary of suspicious sites

Transactions are now a regular part of any human’s life, and you will make transactions daily, including online transactions. The issue with online transactions is that you will need to input certain private information about your bank account. Therefore, you need to be sure of the website before you put in your details.

There is a saying that if it is too good to be true, it is probably false. Now, we know that spotting a fake website isn’t always easy. However, once it begins to seem suspicious, you should discontinue any transaction you are doing.

Also, ensure that you do not save any of your banking details on any website to ensure your safety from fraudsters.

  • Block cards immediately they go missing

Has your ATM card suddenly gone missing? Now, you cannot say if it got missing or if it was stolen. But what you can do is block the card immediately.

We often see people want to keep checking in hopes that they will find the card. However, the period of waiting is enough for any fraudster to drain your bank account if the card falls into the wrong hands.

So, to avoid stories touching the heart, it is always best to block the card immediately after they go missing. After all, you can easily replace the card, but you may not quickly get back any funds that go missing.

  • Utilize your bank features

How familiar are you with all the features of your bank account? Most people use their bank apps, but they do not utilize their features.

For example, some bank apps go the extra mile to ensure a two-step authentication process for their users. This way, they are protecting your bank account from fraudsters and ensuring to maximize security. But you have to set it up to enjoy this protection service.

In addition, some bank apps also have the option of using a fingerprint to log in. So, if someone with malicious intent gets hold of the card, they wouldn’t gain access to your app.

We advise that everyone needs to get familiar with all the features of their bank apps.  

  • Change your pins and passwords regularly

When last did you change your banking password or pin? People often set a password or pin for their bank account and leave it forever. They get comfortable with this password or pin and believe they will forget any other pin or password if they make changes.

However, not changing your password or pin could leave your bank account open to scammers and fraudsters. It is best to note that people who want to defraud you will keep tabs on you for some time. Once they get the hang of your pin or password, they begin to use it against you.

But it is harder for them to know your password or pin if you change it regularly.

  • Stay inquisitive

People say that a person who always asks questions will not miss their way, and we agree with this claim. It is always best to stay inquisitive when doing anything banking related.

For example, you may get a suspicious call saying that they are from your bank and need to rectify some issues, so they will need your banking details. If you are inquisitive, you will ask them questions that will throw them off balance and make them slip.

Being inquisitive is always helpful in staying ahead of scammers and dubious people. And it helps to protect your bank account against them.

FAQs

Below are some common questions people ask about protecting their bank accounts from fraudsters.

Will my bank refund me if I get scammed?

We cannot say that your bank will refund you if you get scammed as it depends on the exact situation. After all, if banks were to refund everyone who gets scammed, people would take advantage of the situation.

Once you get scammed, ensure to report to your bank. Then, your bank will try to stop the transfer. But if it has gone through, the bank will place a hold on the other person’s account.

How can you identify a scammer?

Scammers usually do not have such an identity on their foreheads are they are also regular people. However, their behaviour usually gives them away. For example, they tend to be intrusive and ask personal questions that do not concern them.

Can I block someone from taking money from my bank account?

Yes, you can. Recall we said that you should block your card immediately if you notice that it is missing. This way, no one can withdraw money from your bank account.

 

Summary

Your bank account details are for only you, and you should not share them with anybody. However, once you begin sharing them with ‘trusted’ people, you increase the chances of your bank account facing invasion from fraudsters.

Aside from the tips, we have above, another way to protect your bank account from fraudsters is by banking with a trusted banking platform like Mintyn bank. Here, the employees and everyone involved are trustworthy, and you will have peace of mind carrying out banking transactions.

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BANKING

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

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African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”

 

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

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The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB), has reinforced its position as a key player in the Islamic syndications market, achieving prominent rankings in the 2024 Bloomberg and Refinitiv League tables.

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

The International Islamic Trade Finance Corporation (ITFC) Maintains Leadership in Global Ranking of Islamic Syndications for 4 Consecutive Years

For the fourth consecutive year, the ITFC top-tier performance reflects a strategic focus on delivering impactful trade finance solutions. For 2024, Refinitiv ranked ITFC as Globally # 1 Bookrunner and Mandated Lead Arranger (MLA) in their Islamic Syndications League table. Additionally, and Bloomberg also ranked ITFC among the top Bookrunners and MLA in the Islamic Syndications League table. These rankings are a testament to the ITFC ability to consistently deliver value-driven results and maintain a strong position among leading international and regional financial institutions.

The recognition from Refinitiv and Bloomberg confirms that ITFC is a key player in facilitating trade among OIC member countries. This not only reaffirms the ITFC status as the pre-eminent provider of trade solutions but also underscores its remarkable ability to draw investments from a wide spectrum of global investors and financial institutions.

Additionally, it emphasizes the positive impact on the lives and livelihood of people inherent in the ITFC business operating model, demonstrating its effectiveness in meeting the unique financial needs of OIC member countries.

The Refinitiv and Bloomberg League tables rank banks and financial institutions based on their performance in loan syndications, bonds, and mergers and acquisitions (M&A) transactions. The rankings, including arrangers, bookrunners, administrative agents, and advisors, are published quarterly and annually.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).
About the International Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided more than US$83 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity building tools, which would enable them to successfully compete in the global market.

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Afreximbank and Kenyan government ink milestone agreements to promote industralisation

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Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing

African Export-Import Bank (Afreximbank) (www.Afreximbank.com), Africa’s foremost trade development Bank, today in Mombasa, Kenya, ratified a series of initiatives designed to support Kenya’s industrialisation and export-led development agenda. Under the terms of the initiatives, formalised at a signing ceremony with the Kenyan authorities, Afreximbank will finance the development and operationalisation of industrial parks (IPs) and special economic zones (SEZs) to bolster the country’s industrialisation and export manufacturing.

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

Afreximbank and Kenyan government ink milestone agreements to promote industralisation

The proposed industrial parks, to be developed by Afreximbank through its affiliate company, Arise Integrated Industrial Platforms (Arise IIP), will create and sustain an environment in which export-oriented industries can thrive, by leveraging economies of scale, shared infrastructure and access to global markets.

Two projects to be undertaken by Afreximbank, with the support of the Government of Kenya and other strategic collaborators, are the development of the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II (Naivasha II), for which, having secured leases of the relevant land, Afreximbank intends to leverage the expertise and experience of Arise IIP, a special economic zone developer with experience in the development of integrated industrial parks in Africa.

Both the Dongo Kundu Integrated Industrial Park and the Naivasha Special Economic Zone II are included in the Fourth Medium Term Plan (2023-2027) of the Kenyan government’s Vision 2030, entitled “Bottom-Up Economic Transformation Agenda for Inclusive Growth”, reflecting the high priority which state institutions are giving to measures that strengthen, expand and accelerate Kenya’s capacity to export value-added goods within Africa and globally.

Speaking on the signing, the President of the Republic of Kenya, H.E. Dr. William S. Ruto said; “We have a responsibility to steer the country in the right direction, harnessing the immense potential of manufacturing, industrialization, agro-processing, and value addition within Special Economic Zones. The signing of these agreements today marks a significant milestone in Kenya’s development, expanding opportunities to enhance our manufacturing sector and create a more conducive environment for investment. We convene here today to sign an investment – and not a loan – undertaken by people whose faith in this country and its possibilities motivates their decision. This is our country, let’s continue to do whatever it takes to make it an attractive destination for those who want to invest.”

In his own comments, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said:

“Africa has been heralded as a land of opportunity, blessed with resources that power the world. Yet, we have struggled to translate this wealth into lasting prosperity for our people. For decades, we have watched as others reap the rewards of our natural resources, leaving us tethered to a cycle of dependency—exchanging our riches for aid and loans that kept us on the fringes of the global breadbasket.

“Those days are behind us. Today, Kenya takes a bold step to reshape this story in a profound and impactful manner. These Parks are an integral part of the Government’s plan to boost the country’s economic growth under the Vision 2030 development blueprint.

Today’s signatures are more than ink on paper—they are a promise to the people of Kenya, a pledge that the country will rise as a beacon of industrial might and self-reliance.”

Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, and Captain William K. Ruto, Managing Director of the Kenya Ports Authority, signed the Dongo Kundu Special Economic Zone agreement. Dr. Kenneth Chelule, Chief Executive Officer of the Special Economic Zones Authority, and Mrs. Doherty signed the Naivasha Special Economic Zone agreement, with H.E. Dr. William Ruto, President of the Republic of Kenya, and Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, witnessing the signing of both agreements for the State and for the Bank, respectively.

The Dongo Kundu Industrial Park within the Mombasa SEZ is expected, upon completion, to boost the area with a state-of-the-art industrial park that will contribute significantly to economic growth and industrialisation efforts in Mombasa County and in Kenya as a whole.

The Naivasha II Special Economic Zone – Naivasha II project is located at Mai Mahiu and will include a free trade zone, an industrial park, a logistics zone and a public utility area with a supporting road network. The project will occupy an area of approximately 5000 acres.

The Naivasha II project will also derive value from its strategic geographic position as it sits on the gateway to East and Central Africa through the Northern Corridor Transport System, which comprises both a standard gauge railway and a major highway. Moreover, the SEZ will be close to the Naivasha Inland Container Depot, which serves the East African hinterland countries of Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan and Uganda.

Other dignitaries in attendance included Mrs Oluranti Doherty, Managing Director, Export Development, Afreximbank; Hon. Davis Chirchir E.G.H, Roads and Transport Cabinet Secretary; Hon. Hassan Ali Joho, Cabinet Secretary for Mining, Blue Economy and Maritime Affairs; Hon. Salim Mvurya, Cabinet Secretary for Youth Affairs, Creative Economy and Sports of Kenya and Honourable Lee Kinyanjui, Cabinet Secretary, Ministry of Investment, Trade and Industry. Additionally, Captain William K. Ruto, Managing Director, Kenya Ports Authority; Dr. Kenneth Chelule, Chief Executive Officer, Special Economic Zones Authority; His Excellency Abdulswamad Shariff Nassir, Governor of Mombasa County; the Honourable Benjamin Tayari, Chairman, Kenya Ports Authority, and Mr. Fredrick Muteti, EBS, Chairperson, Special Economic Zones Authority attended the event.

Distributed by APO Group on behalf of Afreximbank.
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industralisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

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