Capitec fraud warning
Capitec has warned South Africans that criminals are increasingly using artificial intelligence (AI), impersonation, and psychological manipulation to steal money and personal information.
This warning comes from Capitec’s Head of Financial Crime, Nick Harris, and Head of CSI and Financial Education, Jean Rossouw.
They urged consumers to be alert to requests that create a sense of urgency, promise easy money, or appear to come from trusted people and institutions.
Harris said anyone could become a victim of financial crime, regardless of age or experience with technology.
Fraudsters often target people when they are emotionally vulnerable, under financial pressure or looking for ways to improve their circumstances.
He said people who have recently lost a loved one could be targeted by romance scams, while those facing financial difficulties might be more susceptible to investment schemes promising quick returns.
Young people entering the workforce and people who are less comfortable with technology could also be at risk.
Fraudsters exploit emotions such as fear, urgency, excitement, and the fear of missing out to influence people into making decisions they would otherwise question.
Harris encouraged families and friends to discuss financial fraud openly and create an environment where people feel comfortable asking for advice before responding to suspicious messages or making payments.
Rossouw said younger people who have grown up using technology were not immune to fraud, impersonation, or online manipulation.
Parents should discuss the dangers of sharing personal information on social media, while younger family members can help older relatives recognise fake websites and messages impersonating banks and other institutions.
Rossouw warned that criminals were also taking control of WhatsApp accounts and contacting the victims’ friends, relatives, or colleagues with seemingly legitimate requests.
These messages might ask for money, but they could also request a one-time password, encourage someone to click a link or ask them to purchase gift vouchers and share the redemption codes.
Tips to help you avoid becoming a victim
Rossouw said consumers should question whether a request was consistent with the sender’s normal behaviour.
“If the request feels unusual, unexpected, or urgent, stop and confirm it through a different channel,” she said.
For example, anyone receiving a WhatsApp message asking for money should phone the supposed sender using a number they already know.
This, instead of just replying to the message or relying on contact details supplied by the person making the request.
A simple phone call could prevent someone from losing their life savings. The experts also urged South Africans to adopt safer habits when banking, shopping and making digital payments.
Rossouw recommended using strong PINs and passwords, avoiding predictable combinations such as birthdays and simple number sequences, and not storing banking credentials in phone notes, contacts or messages.
Consumers should also keep their banking applications updated and activate available security features.
Before transferring money, consumers should verify that the request is genuine, particularly when someone claims their banking details have changed.
Online shoppers should use trusted websites, type official web addresses directly into their browsers and be cautious of suspicious advertisements, marketplace listings and offers that appear too good to be true.
Rossouw also stressed the importance of contacting a bank immediately if a cellphone is lost or stolen, rather than notifying only the mobile network operator.
She said consumers should remember that their bank would never ask them to disclose their PIN, password or one-time password, transfer money into a supposed safe account, or perform actions in their banking app to secure their funds.
Anyone receiving such a request should stop and contact their bank using its official contact number.
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