Discovery Bank Warns Customers About Holiday Scams

Dec 11, 2024

Discovery Bank warns against scams offering deals

Discovery Bank is cautioning customers about scams offering deals that seem “too good to be true.” The bank warns that hunting for cheap online specials could end up costing you.

"If it seems too good to be true, it probably is. Protect your money this holiday season," Discovery said in a message to customers.

Tips to Stay Safe:

Avoid clicking on links to online shopping sites; type the website address manually.
Use only the shopping site’s official payment gateway.
Never authorize transactions you didn’t start.
Carefully read purchase authorization messages before confirming, especially checking the currency and merchant.
Turn on notifications to monitor account activity in real-time.
If your device is lost or stolen, contact your bank immediately.
Log out of your banking app after use, and keep withdrawal and transfer limits low.
Be cautious at ATMs—criminals may tamper with machines or swap your card.

If unsure, call your bank’s fraud team for help.

Scams Are Increasing

Discovery Bank isn’t alone in raising concerns. Standard Bank has also reported a rise in fraud, particularly at ATMs during the festive season. Scammers use tactics like:

Changing ATM language settings to confuse users.
Activating "cardless functions" to disorient customers.
Jamming card slots or PIN pads to steal cards or money.
“Shoulder surfing” to steal PINs by watching customers enter them.

"These methods are designed to create confusion and make it easier for fraudsters to steal people’s cards or money," said Athaly Khan, Head of Fraud Risk Management at Standard Bank.

Beware of Vishing Scams

Khan also warns about “vishing,” where fraudsters pose as bank staff, tax agents, or investment firms to steal personal information. Victims are often tricked into transferring money for so-called "safekeeping" or approving one-time passwords (OTPs) that grant scammers account access.