Safeguarding your finances: A warm reminder from Equity Bank

Appearing on the NBS Breakfast meeting today morning, Equity Bank Head of Risk Management Moses Nsiima delved into how their customers can safeguard their digital money from fraudsters.

ATM fraud is a serious issue that involves unauthorized access to a customer's bank account, leading to unlawful purchases or withdrawal of funds using their card and personal information. Unfortunately, these incidents can occur without your knowledge, sometimes involving individuals close to you.

Fraudsters employ various methods such as scheming, pin capturing, targeting, and tampering with transactions to carry out their illicit activities.

Another technique they use is cash trapping, where they make a transaction appear unsuccessful, only to access the funds once you have left the ATM.

"If you ever become a victim of fraud, it is of utmost importance to report it immediately. You can reach Equity Bank at our dedicated number, 0312327000, a reliable fallback option for assistance," he stated.

To protect yourself, always closely monitor your card's whereabouts. If it's not in your possession, store it securely. Take the time to familiarize yourself with how to use your ATM card properly and verify its functionality with the provider, ensuring that you are the sole user during ATM transactions. If anything seems suspicious during a transaction, don't hesitate to terminate it immediately.

Using a unique and hard-to-guess PIN is vital. Refrain from writing it down anywhere and consider changing it periodically, even if there is no immediate threat. Guarding your card and PIN diligently is crucial for your security.

Let's take a moment to emphasize that our partnership with Next Media plays a crucial role in educating our valued customers. It's important to note that no bank in Uganda will ever call you and ask for your PIN. If you receive such a call, please terminate it immediately and refrain from sharing your personal information with anyone.

Social engineering is another tactic used by fraudsters, where they track your details, monitor your activities, and deceive you online to obtain sensitive information. Instead of discarding receipts, it's advisable to destroy them, as these criminals can exploit them.

While fraudsters may also attempt to defraud the bank, Equity bank is always taking comprehensive measures to secure customers accounts and protect their hard-earned money.

Sadly, many people overlook the security of their phones, which can leave them vulnerable to fraudsters gaining access to their funds. It's crucial to safeguard your card, phone, and internet information. Always use a secure network to minimize risks when engaging in Internet banking.

Equity Bank is committed to investing in advanced security measures to safeguard people online and forge partnerships like #BeeraSteady to educate the public.