Many people in Lesotho are discovering how quick and easy digital banking – online, or via a smartphone – can be. However, some people still live an unbanked life because they don't trust banks to keep their money safe. You're free to make that choice, but you should understand what it's really costing you. Transacting in cash only is often less convenient, can involve transport or courier costs, and exposes you to crime risks.

In contrast, modern banking is designed to protect your money, while offering you a range of affordable benefits that you can access from anywhere on your mobile device. In response to the increase in banking fraud and scams, banks are investing heavily in security systems to detect suspicious activity and keep accounts safe. However, most successful fraud is not the result of hackers breaching the bank's security systems – it happens because cybercriminals trick people into sharing personal information.

Common banking scams

The following are some common banking scams:

• SMSes pretending to be from your bank.
• Emails asking you to click a link to 'verify' your account.
• Phone calls from someone claiming to be a member of the bank staff.
• Social media posts advertising fake competitions or vouchers.

These scams often create urgency or excitement, to persuade you to act quickly without thinking. A message might say your account will be blocked, or that you've won a prize that must be claimed immediately. Pressure to act fast or share personal information is a red flag.

Practical tips to prevent banking fraud

Your banking details are private. No one – not even bank employees – should ever ask for certain information. Never reveal:

• Your PIN
• Your online banking credentials
• Your one-time password (OTP)
• Your card details

A common scam involves someone asking for your OTP to 'confirm' a transaction. In reality, that code was sent to your phone when they tried to add another number or beneficiary to your account, and if you give them the OTP, they may be able to gain full access to your digital banking profile.

If you receive a call or SMS asking for any of your personal information, refuse and contact your bank immediately.

Mobile banking safety

Digital banking makes managing your money easier than ever. You can check your balance, send money, and pay bills directly from your phone or smart device without visiting a branch. To keep your account safe when banking digitally:

• Use only your bank's official mobile app or website.
• Keep your phone and banking app updated.
• Avoid logging into your bank account on public wifi.
• Lock your phone with a PIN, password, and/or fingerprint – depending on how many security features it has.

Be careful on social media

Fraudsters often use social media platforms to reach large numbers of people quickly. They may pretend to represent banks, businesses, or even government programmes. Do not engage with posts offering:

• Easy loans with no checks.
• Investment opportunities with guaranteed returns.
• Competitions promising cash prizes or vouchers.
• Requests to send money to 'unlock' a reward.

If you see an offer like this, verify it on the official website or app of the company that is allegedly offering the reward before responding. Legitimate financial institutions will never ask you to send money or share banking details through social media messages.

Steps to take if you suspect fraud

Trust your instincts. If something about a message, call, or transaction doesn't feel right, act quickly:

1. Contact your bank immediately.
2. Change your banking passwords.
3. Block your card if necessary.
4. Report the suspicious message or caller.

The sooner your bank knows about potential fraud, the faster they can help protect your account.

Banking can be safe and convenient

A bank account is the safest way to manage your money. You can store your funds securely, send money easily, and track your transactions. Digital banking adds even more convenience by giving you access to your finances wherever you are. Learn how scams work and follow a few safety habits, and you can outwit fraudsters and bank with confidence.