Capitec scam warning

Capitec has flagged several scams targeting South Africans in 2025, including authorised push payment fraud, Ponzi schemes, investment, advance fees, and courier scams.

By customer numbers, Capitec is South Africa’s biggest bank, boasting a customer base of 23 million at the end of 2024.

Among Capitec’s biggest successes is its strong performance in the digital banking sector, which has grown significantly in recent years.

Its latest financial results show that active banking app client volumes have increased by 21% year-on-year – from 10.3 million users to 12.4 million users.

This extensive client base gives the bank a good idea of the scams targeting regular South Africans, which have become a notable concern.

Capitec told BusinessTech that the most prevalent scams targeting consumers include authorised push payment fraud.

Capitec said push payment fraud, where victims are tricked into authorising payments to criminals, has become concerningly common.

Cybercriminals often pose as trusted entities, such as banks or service providers, convincing individuals to transfer funds to fraudulent accounts.

The bank stressed that this type of scam, along with the other popular scams currently making the rounds, is leading to significant financial losses.

Capitec further explained that investment scams are another common type of fraud, where fraudsters promise unusually high returns with minimal risk.

Victims are enticed to invest in what seems like a lucrative opportunity, only to discover later that the scheme was fraudulent.

Capitec also flagged the courier scam, in which people pay deposits or even full amounts for goods or services that never arrive.

“Additionally, advance fee scams trick victims into paying upfront fees for things like loans, job offers, prizes, or inheritances that don’t actually exist,” said the bank.

A common variation of this is job scams, which often spread via popular communication platforms like WhatsApp and Telegram.

Scammers lure job seekers with offers of easy money for simple tasks but demand payment for things such as training, which never materialises.

Another growing concern is the rise of work-from-home (WFH) scams, where fraudsters convince victims to make multiple payments, supposedly to invest or trade.

“One particularly popular version of this is known as ‘Pig Butchering,’ a tactic that involves prolonged deception to drain victims financially,” said Capitec.

At the end of January of this year, the bank also sent an alert to its customers, warning them against scammers posing as ICASA or SAPS officials.

“These scams typically involve fraudsters impersonating officials from ICASA, SAPS, or other reputable institutions to gain victims’ trust,” it said.

“They make false claims that the victim’s identity has been misused in criminal activities and demand immediate verification.”

According to the bank, these “pressure tactics” are a common way to defraud customers, and scammers often claim that the victim’s identity has been linked to fraudulent SIM card registrations.

According to the South African Banking Risk Information Centre (SABRIC), South Africa has seen a sharp rise in banking and push payment fraud, with incidents up by 40% from the previous year.

Online banking platforms remain primary targets, with phishing and social engineering tactics on the rise.

How to minimise the chances of being a victim

Authorities and banks urge the public to be vigilant and adopt stronger security measures to combat this growing threat.

To mitigate the risk of falling victim to these scams, Capitec advises consumers to:

• Be sceptical of offers that seem too good to be true, especially those promising quick or high returns. If it sounds too good to be true, it likely is.

• Avoid paying upfront fees for jobs, loans, or prizes. Reputable companies will not ask for such payments.

• Research any investment opportunities thoroughly and ensure they are offered by authorised financial service providers.

• Exercise caution with bargains on Facebook Marketplace and always meet in person in a safe, public location if exchanging goods.

• Do not click on links in unsolicited messages asking for personal or banking information, and be wary of requests for personal details or payments from unknown sources.

• Verify the source of calls or messages claiming to be from your bank or other trusted entities. Use official contact numbers and check your bank’s verified social media accounts.

These interventions will help South Africans to limit their risks of falling victim to the numerous scams.