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Watch out for these eight digital bank scams

As access to banking services through digital channels continues to grow, so does the need to protect consumers against the prevalence of online banking fraud, YOLANDE STEYN, Head of Innovation at FNB, outlines eight scams to watch out for.

“We view security as an integral part of a seamless online banking experience,” says Yolande Steyn, Head of Innovation at FNB. “Therefore, due to the prevalence of banking scams, we urge consumers to be more vigilant and familiarise themselves with the different types of online banking fraud.

“FNB proactively closes down fraudulent phishing websites used by criminals to try and access customers’ confidential banking details.”

Steyn outlines the latest online banking scams that target consumers:

Flight purchase debit scams – you will receive an SMS informing you of a flight purchase debited to your account. Fraudsters will request you to select a link in the SMS to revise the transaction.

When you select the link, you will be redirected to a fake FNB website. You are then redirected to an ‘Update and Confirm Details’ screen requesting more information to be verified. The fraudsters will now be in a position to access your banking profile.

Social media scams – beware of fraudsters pretending to represent FNB or RB Jacobs on social media channels such as Facebook, Twitter, LinkedIn, WhatsApp or any other social media platform. We will never ask for your credit or cheque card, account number, online banking login details or password or One Time PIN (OTP) on social media platforms. FNB’s official social media accounts are @FNBSA and @RBJacobs on Twitter and FNBSA on Facebook. The official accounts also display a blue tick indicating that they are verified.

Change of banking details scam – you will receive an email that pretends to come from one of your suppliers asking you to update your banking details. Beware of this even if it is on the supplier’s letterhead.

Contact your supplier on the number that you already have for them and not the one on the fraudulent letter. Speak to someone you know at the supplier to confirm the change in banking details.

Copy of payment notification scam – you will receive an email requesting you to open a copy of your payment notification. Fraudsters will prompt you to login via the email attachment.

When you open the attachment in the email, you will be redirected to a fake FNB website. In an attempt to steal your banking details you will be requested to login. As soon as you enter your login details on the screen, you are redirected to a successfully logged out screen. The fraudsters will now be in a position to access your banking profile.

419 scams – this is communication by e-mail to a recipient making an offer that would result in a large pay off for the recipient. The details vary and large amounts of money are usually involved. Invariably, the victims’ banking details as well as sums of money are said to be required in advance in order to facilitate the payment of the funds. Essentially, the promised money transfer never happens and in addition the fraudsters may use the victims’ banking details to withdraw money for themselves.

Vishing and smishing scams – this is phishing, but instead of being lured to a fake website via email, you receive a call or SMS, where the individual pretends to be from the bank or other companies and gets you to disclose personal information such as your ID number, address, account number, username, login details, password and PIN. This information can also be used to gain unauthorised access to your banking account online.

OTP Email Fraud using various methods of phishing, criminals also try to get access to your email accounts, commonly Gmail, Yahoo, etc. They produce fake login sites that look like Gmail or Yahoo. Once they have your email username and password, they have access to your emails (statements, personal communications) and this helps a criminal to build a social profile of you. Criminals can also intercept One Time Pins (OTPs) that are sent to emails once they have access to your email account.

OTP SIM Swop Fraud – once criminals are in possession of your username and password, they can easily access your accounts on Online Banking. They can also contact your service provider to do a Sim Swop which basically means that they hijack your sim and have access to your SMS. This also gives them access to your One Time Pin (OTP).

“Remember, the bank will never ask for your username, password or PIN in an email, SMS, social media or phone call,” says Steyn. “Never select a link to our website that was sent via email. Always type in the web address.”

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What’s left after the machines take over?

KIERAN FROST, research manager for software in sub-Saharan Africa for International Data Corporation, assesses AI’s impact on the workforce.

One of the questions that we at the International Data Corporation are asked is what impact technologies like Artificial Intelligence (AI) will have on jobs. Where are there likely to be job opportunities in the future? Which jobs (or job functions) are most ripe for automation? What sectors are likely to be impacted first? The problem with these questions is that they misunderstand the size of the barriers in the way of system-wide automation: the question isn’t only about what’s technically feasible. It’s just as much a question of what’s legally, ethically, financially and politically possible.

That said, there are some guidelines that can be put in place. An obvious career path exists in being on the ‘other side of the code’, as it were – being the one who writes the code, who trains the machine, who cleans the data. But no serious commentator can leave the discussion there – too many people are simply not able to or have the desire to code. Put another way: where do the legal, financial, ethical, political and technical constraints on AI leave the most opportunity?

Firstly, AI (driven by machine learning techniques) is getting better at accomplishing a whole range of things – from recognising (and even creating) images, to processing and communicating natural language, completing forms and automating processes, fighting parking tickets, being better than the best Dota 2 players in the world and aiding in diagnosing diseases. Machines are exceptionally good at completing tasks in a repeatable manner, given enough data and/or enough training. Adding more tasks to the process, or attempting system-wide automation, requires more data and more training. This creates two constraints on the ability of machines to perform work:

  1. machine learning requires large amounts of (quality) data and;
  2. training machines requires a lot of time and effort (and therefore cost).

Let’s look at each of these in turn – and we’ll discuss how other considerations come into play along the way.

Speaking in the broadest possible terms, machines require large amounts of data to be trained to a level to meet or exceed human performance in a given task. This data enables the bot to learn how best to perform that task. Essentially, the data pool determines the output.

However, there are certain job categories which require knowledge of, and then subversion of, the data set – jobs where producing the same ‘best’ outcome would not be optimal. Particularly, these are jobs that are typically referred to as creative pursuits – design, brand, look and feel. To use a simple example: if pre-Apple, we trained a machine to design a computer, we would not have arrived at the iMac, and the look and feel of iOS would not become the predominant mobile interface. 

This is not to say that machines cannot create things. We’ve recently seen several ML-trained machines on the internet that produce pictures of people (that don’t exist) – that is undoubtedly creation (of a particularly unnerving variety). The same is true of the AI that can produce music. But those models are trained to produce more of what we recognise as good. Because art is no science, a machine would likely have no better chance of producing a masterpiece than a human. And true innovation, in many instances, requires subverting the data set, not conforming to it.

Secondly, and perhaps more importantly, training AI requires time and money. Some actions are simply too expensive to automate. These tasks are either incredibly specialised, and therefore do not have enough data to support the development of a model, or very broad, which would require so much data that it will render the training of the machine economically unviable. There are also other challenges which may arise. At the IDC, we refer to the Scope of AI-Based Automation. In this scope:

  • A task is the smallest possible unit of work performed on behalf of an activity.
  • An activity is a collection of related tasks to be completed to achieve the objective.
  • A process is a series of related activities that produce a specific output.
  • A system (or an ecosystem) is a set of connected processes.

As we move up the stack from task to system, we find different obstacles. Let’s use the medical industry as an example to show how these constraints interact. Medical image interpretation bots, powered by neural networks, exhibit exceptionally high levels of accuracy in interpreting medical images. This is used to inform decisions which are ultimately made by a human – an outcome that is dictated by regulation. Here, even if we removed the regulation, those machines cannot automate the entire process of treating the patient. Activity reminders (such as when a patient should return for a check-up, or reminders to follow a drug schedule) can in part be automated, with ML applications checking patient past adherence patterns, but with ultimate decision-making by a doctor. Diagnosis and treatment are a process that is ultimately still the purview of humans. Doctors are expected to synthesize information from a variety of sources – from image interpretation machines to the patient’s adherence to the drug schedule – in order to deliver a diagnosis. This relationship is not only a result of a technicality – there are ethical, legal and trust reasons that dictate this outcome.

There is also an economic reason that dictates this outcome. The investment required to train a bot to synthesize all the required data for proper diagnosis and treatment is considerable. On the other end of the spectrum, when a patient’s circumstance requires a largely new, highly specialised or experimental surgery, a bot will unlikely have the data required to be sufficiently trained to perform the operation and even then, it would certainly require human oversight.

The economic point is a particularly important one. To automate the activity in a mine, for example, would require massive investment into what would conceivably be an army of robots. While this may be technically feasible, the costs of such automation likely outweigh the benefits, with replacement costs of robots running into the billions. As such, these jobs are unlikely to disappear in the medium term. 
Thus, based on technical feasibility alone our medium-term jobs market seems to hold opportunity in the following areas: the hyper-specialised (for whom not enough data exists to automate), the jack-of-all-trades (for whom the data set is too large to economically automate), the true creative (who exists to subvert the data set) and finally, those whose job it is to use the data. However, it is not only technical feasibility that we should consider. Too often, the rhetoric would have you believe that the only thing stopping large scale automation is the sophistication of the models we have at our disposal, when in fact financial, regulatory, ethical, legal and political barriers are of equal if not greater importance. Understanding the interplay of each of these for a role in a company is the only way to divine the future of that role.

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LG unveils NanoCell TV range

At the recent LG Electronics annual Innofest innovation celebration in Seoul, Korea, the company unveiled its new NanoCell range: 14 TVs featuring ThinQ AI technology. It also showcased a new range of OLED units.

The new TV models deliver upgraded AI picture and sound quality, underpinned by the company’s second-generation α (Alpha) 9 Gen 2 intelligent processor and deep learning algorithm. As a result, the TVs promise optimised picture and sound by analysing source content and recognising ambient conditions.

LG’s premium range for the MEA market is headlined by the flagship OLED TV line-up, which offers a variety of screen sizes: W9 (model 77/65W9), E9 (model 65E9), C9 (model 77/65/55C9) and B9 (model 65/55B9).

NanoCell is LG’s new premier LED brand, the name intended to highlight outstanding picture quality enabled by NanoCell technology. Ensuring a wider colour gamut and enhanced contrast, says LG, “NanoColor employs a Full Array Local Dimming (FALD) backlight unit. NanoAccuracy guarantees precise colours and contrast over a wide viewing angle while NanoBezel helps to create the ultimate immersive experiences via ultra-thin bezels and the sleek, minimalist design of the TV.”

The NanoCell series comprises fourteen AI-enabled models, available in sizes varying from 49 to 77 inches (model 65SM95, 7565/55SM90, 65/55/49SM86 and 65/55/49SM81).

The LG C9 OLED TV and the company’s 86-inch 4K NanoCell TV model (model 86SM90) were recently honoured with CES 2019 Innovation Awards. The 65-inch E9 and C9 OLED TVs also picked up accolades from Dealerscope, Reviewed.com, and Engadget.

The α9 Gen 2 intelligent processor used in LG’s W9, E9 and C9 series OLED TVs elevates picture and sound quality via a deep learning algorithm (which leverages an extensive database of visual information), recognising content source quality and optimising visual output.

The α9 Gen 2 intelligent processor is able to understand how the human eye perceives images in different lighting and finely adjusts the tone mapping curve in accordance with ambient conditions to achieve the optimal level of screen brightness. The processor uses the TV’s ambient light sensor to measure external light, automatically changing brightness to compensate as required. With its advanced AI, the α9 Gen 2 intelligent processor can refine High Dynamic Range (HDR) content through altering brightness levels. In brightly lit settings, it can transform dark, shadow-filled scenes into easily discernible images, without sacrificing depth or making colours seem unnatural or oversaturated. LG’s 2019 TVs also leverage Dolby’s latest innovation, which intelligently adjusts Dolby Vision content to ensure an outstanding HDR experience, even in brightly lit conditions.

LG’s audio algorithm can up-mix two-channel stereo to replicate 5.1 surround sound. The α9 Gen 2 intelligent processor fine-tunes output according to content type, making voices easier to hear in movies and TV shows, and delivering crisp, clear vocals in songs. LG TVs intelligently set levels based on their positioning within a room, while users can also adjust sound settings manually if they choose. LG’s flagship TVs offer the realistic sound of Dolby Atmos for an immersive entertainment experience.

LG’s 2019 premium TV range comes with a new conversational voice recognition feature that makes it easier to take control and ask a range of questions. The TVs can understand context, which allows for more complex requests, meaning users won’t have to make a series of repetitive commands to get the desired results. Conversational voice recognition will be available on LG TVs with ThinQ AI in over a hundred countries.

LG’s 2019 AI TVs support HDMI 2.1 specifications, allowing the new 4K OLED and NanoCell TV models to display 4K content at a remarkable 120 frames per second. Select 2019 models offer 4K high frame rate (4K HFR), automatic low latency mode (ALLM), variable refresh rate (VRR) and enhanced audio return channel (eARC).

To find out more about LG’s latest TVs and home entertainment systems, visit https://www.lg.com/ae.

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