The internet has revolutionised how we work, communicate, and transact, but it has also opened doors for cybercriminals. Fraud works because it manipulates trust. Phishing is one of the most common forms of cyber fraud, designed to exploit users. It’s not about user intelligence but the scammer’s skill and manipulation. With phishing attacks growing more sophisticated, it’s critical to be vigilant, as scams get smarter and more sophisticated every day.
All businesses are at risk of being imitated by scammers that lure people into phishing scams. We remain surprised by the audacity and ingenuity of criminals. And unfortunately, GENFIN is no exception. Our clients have also fallen prey to online scams. Phishing is a common technique whereby cybercriminals use scam emails, phone calls, or messages to trick victims into transacting or sharing sensitive information. It is a distressing experience, and the financial consequences can be devastating.
There is good news: Fraud can be prevented
The good news is that fraud is highly preventable. But it requires foresight. Online transactions with a company that involves money or the exchange of personal information should always be treated with a healthy dose of suspicion.
We’ve put together a handy checklist with valuable insights and practical tips to recognise common scams and practice safe online behaviour. Remember, your online safety is in your hands.
Phishing is a fraudulent attempt to obtain sensitive information by pretending to be a trustworthy entity. Cybercriminals use various methods like emails, phone calls, social media and more to get people to share personal details. These details can range from passwords to credit card numbers. Scammers often impersonate legitimate companies, such as banks or well-known brands.
There are many types of phishing attacks. Here are some common cyber attack strategies:
Phishing scams mimic a business to elicit a reaction from people. Victims might receive a message asking for personal information or attempting to hijack a transaction.
Your first port of call is checking the company’s name. Does it correlate with its registered company name? Our registered company name is Genfin (PTY) Ltd, and we advertise as Genfin Business Finance. Anything that deviates from that is very likely from a scammer.
Next, check the URL from which you received the message or the URL of any links included in the message. Our URL is genfin.co.za. Any emails or links sent from GENFIN will contain this URL. Any deviations should be treated with caution. Note the name may be accurate, but the URL very often gives it away.
If you receive an unexpected email, avoid clicking on links or downloading attachments. These could lead to malware or fraudulent websites. Instead, go directly to the company’s official website by typing the URL yourself.
Phishing messages often create a sense of urgency, claiming your account will be locked or your payment failed. Legitimate companies rarely use this type of language in official communications.
No legitimate business will ask for sensitive information, like passwords or banking details, via email or text. If you receive such a request, contact the company directly using their verified phone number or website.
Phishing isn’t just limited to email. Scammers also use social media platforms. To detect fake profiles:
Our Facebook page can be found at Facebook.com/genfinbusinessfinance. We are not active on the platform in any other capacity. Other ways of identifying fake accounts include looking at the profile or cover picture. An absent profile picture is a cause for alarm. Real users typically have an album of profile or cover pictures, changing them regularly as the profile evolves. You can also check to make sure the person’s name and photo
Also take a look at the tabs or links on the page, including ‘About’, ‘Mentions’, or ‘Followers’. If these sections are populated and active, it’s a good sign. Fake profiles typically have very few followers or friends and little interaction with other accounts. Also, check the timeline. Real users tend to have several diverse posts across several years on their timelines.
Multi-factor authentication: a simple step for stronger security
Enabling multi-factor authentication (MFA) or two factor authentication provides an extra layer of protection. Even if scammers get hold of your password, MFA requires a second verification step, like a one-time code sent to your phone, making it harder for them to access your account.
What to do if you fall victim to phishing
If you suspect you’ve been targeted or fallen victim to a phishing scam:
How GENFIN protects clients from phishing scams
At GENFIN, we take the safety of our clients seriously. We will never request sensitive information via email or phone calls. If you receive a suspicious message that seems to be from us, here’s how you can protect yourself:
Check the URL: Our official website is genfin.co.za. Any variation, such as genfin.com, should be treated with suspicion.
Verify contact information: We communicate with clients through our official email and will never ask for personal details over social media or email
It’s essential to report phishing attempts, whether you’re targeted or witness fraudulent activity. Sharing your experience could prevent others from falling victim to the same scam. GENFIN is committed to investigating any reports and supporting clients who experience phishing attempts.
The best way to protect yourself from phishing is to stay informed and follow safe online practices. By recognising the signs of phishing and using the strategies outlined in this guide, you can significantly reduce your risk of falling victim to these increasingly sophisticated scams.
From your first application through to your final payment or refinancing, your entire GENFIN journey is supported by a dedicated funding analyst. That includes any concerns or suspected fraudulent activity. Your personal funding analyst is standing by to take your call and provide guidance during uncertain times.
Email us: info@genfin.co.za
Call us: 0800 GENFIN (436346)
