Banking Fraud in South Africa
Understanding bank impersonation scams and how to protect your money
The Threat is Real
Source: South African Banking Risk Information Centre (SABRIC)
Why Scammers Target SA Banks
Common SA Banking Scams
📞 Vishing (Voice Phishing)
"Good morning, this is Capitec Fraud Department. We've detected suspicious activity on your account. To secure it, we need to verify your details and send you a one-time PIN..."
- • Scammer calls pretending to be from your bank
- • Uses official-sounding language and urgency
- • Asks you to "verify" account details or share OTP
- • May transfer you to "supervisor" (another scammer)
- • Uses spoofed caller ID showing bank's real number
- • Asks for full card number, CVV, or PIN
- • Requests OTP/verification codes
- • Creates urgency ("Your account will be closed")
- • Offers to "help" by doing transactions for you
📧 Phishing Emails & SMS
Subject: Urgent Security Alert
Your FNB account has been temporarily suspended due to suspicious activity. Click here to verify your identity within 24 hours: [LINK]
- • Sender: fnb-secure.co.za
- • Generic greeting: "Dear Customer"
- • Urgent threat language
- • Suspicious link: fnb-verify.com
- • Poor grammar/spelling
- • Sender: @fnb.co.za (exact)
- • Personal greeting with name
- • No urgent action required
- • Links to fnb.co.za (official)
- • Professional language
📱 SIM Swap Fraud
Scammer gets your phone number transferred to their SIM card, intercepts OTPs, and empties your bank accounts before you realize what happened.
- • Sudden loss of cell signal (no service)
- • SMS about SIM swap you didn't request
- • Unable to make/receive calls
- • Unknown transaction notifications
What SA Banks NEVER Do
Every major South African bank follows these rules. If someone violates ANY of these, it's a scam:
❌ Banks NEVER:
- ✗Ask for your full card number over phone/email
- ✗Request your PIN, password, or CVV
- ✗Ask for OTP/verification codes
- ✗Request remote access to your device
- ✗Send unsolicited links via SMS/WhatsApp
- ✗Call asking you to move money to "safe" accounts
✅ Banks DO:
- ✓Verify YOUR identity using info they have
- ✓Allow you to call them back on official numbers
- ✓Send notifications about actual transactions
- ✓Direct you to log in via official app/website
- ✓Give you time to verify information
- ✓Respect your right to be cautious
Official SA Bank Security Centers
Bookmark these official resources. Always verify information directly through these links:
Standard Bank
standardbank.co.za/southafrica/personal/security-centre →⚠️ If You've Been Scammed
- • Call your bank's fraud line IMMEDIATELY (numbers above)
- • Freeze all affected accounts
- • Change all banking passwords
- • Cancel any compromised cards
- • SAPS Cybercrime: 0860 010 111
- • File a case at your local police station
- • Report to SABRIC: www.sabric.co.za
- • Contact your mobile provider if SIM swap occurred
- • Screenshot all messages and calls
- • Save transaction records
- • Write down timeline of events
- • Keep all case reference numbers
Important: Speed is critical. The faster you act, the higher the chance of recovering your money.
Protect Your Bank Account
Got a suspicious bank-related message? Verify it before responding or clicking any links.
Scan Suspicious Message →How Scams Work →
Understand the psychology behind fraud
WhatsApp Scams in SA →
Common WhatsApp fraud targeting South Africans