Standard Bank fraud warning
South Africans are being warned that fraudsters are increasingly exploiting financially vulnerable people by recruiting them as so-called “money mules” to help move stolen funds through the banking system.
Standard Bank issued a statement that said this type of fraud is becoming more common and more sophisticated.
The bank added that many victims only realise they have been caught up in a criminal operation after their bank accounts have been frozen or restricted, and the scale of the problem is becoming increasingly apparent.
According to the National Financial Ombud Scheme (NFO), account freezes and fraud-related restrictions linked to suspected money mule activity increased by 300 cases in 2025, making up around 8% of all finalised banking dispute cases.
Standard Bank’s Head of Fraud Operations, Client Experience and Risk Execution, Marius le Roux, said the figures show that money mule activity has become a major concern across the banking industry.
“Fraud continues to evolve at a rapid pace, and these figures show that mule activity is not an isolated issue but an increasingly significant component of broader financial crime,” said Le Roux.
A money mule is someone who transfers illegally obtained money on behalf of criminals, usually through a personal bank account or cryptocurrency wallet.
While some people knowingly participate in exchange for payment, many are deceived into doing so through scams or fake employment opportunities.
Fraudsters often target young people looking for work by advertising jobs that appear legitimate but simply require applicants to receive money into their bank accounts, transfer it elsewhere and keep a small commission.
Others use social media to approach victims with promises of easy cryptocurrency trading profits before asking them to transfer funds.
Some criminals also use refund scams, where they deliberately send money into someone’s account before asking for it to be transferred to a different account.
Another common tactic involves convincing someone to let a friend or acquaintance use their bank account, often with the excuse that their own account has been frozen or that they urgently need help processing payments.
What to watch out for
Le Roux said preventing this type of fraud is particularly challenging because many victims do not realise they are being manipulated.
“These schemes are particularly concerning because they target unsuspecting individuals, many of whom only realise they have been exploited when it is too late,” he said.
“This is why this type of fraud is hard to prevent. It requires both strong controls and ongoing public awareness.”
He added that organised criminal networks are becoming increasingly effective at disguising the movement of stolen money.
“At the same time, mule fraud is becoming more sophisticated and coordinated. Stolen funds are quickly moved across multiple accounts and banks, making them difficult to track and respond to in real time,” said Le Roux.
Standard Bank urged South Africans to remain alert for warning signs that they may be targeted.
These include being offered money simply to move funds through a personal account, being asked to open a new bank account for a supposed job, or receiving instructions to accept and forward payments on behalf of someone else.
Other red flags include people being unwilling to explain why they cannot use their own bank account and asking that the arrangement be kept secret.
Other telling signs include telling victims not to contact their bank about unexpected deposits, or offering to buy access to cryptocurrency or gambling accounts.
The consequences of becoming a money mule can be severe, even if the person was unaware they were committing an offence.
Bank accounts may be frozen or closed, customers could face criminal investigations, and they may struggle to access banking services in the future.
Standard Bank advised anyone approached with offers involving the movement of money to refuse the request, never share banking details with strangers, and avoid transferring funds on behalf of others.
Customers who believe they have been targeted or compromised should contact their bank immediately for assistance.
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