As fraudsters increasingly gain access to the bank accounts of unsuspecting customers, here are some ways to mitigate the risks.
- Subscribe to your bank's SMS notification services.
- Scrutinise your bank statements each month by looking at each deduction, no matter how small.
- If you pick up any discrepancies, dispute this with your bank within 40 days from when the transaction took place.
- If fraud is involved, it would be best to report the incident at a police station.
- Protect your banking information.
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If you feel aggrieved by not getting assistance from your bank you can also approach the Ombudsman for Banking Services, which outlines the following steps to be taken:
Step 1
First lodge a formal, written complaint directly with your bank's dispute resolution department unit. Contact details are available from your bank or you may contact the ombudsman.
Step 2
Ask for a complaint reference number from your bank.
Step 3
Allow the bank 20 working days in which to respond to your complaint.
Step 4
Obtain a written response from your bank.
Step 5
If you are dissatisfied with the outcome, contact the Ombudsman for Banking Services and its help desk personnel will advise you on what to do next.