Standard Bank fraud warning in South Africa

South Africa’s largest bank by assets under management, Standard Bank, has warned the public over the increasing prevalence of fake job advertisements.

With unemployment remaining over 30% in South Africa, fraudsters are exploiting vulnerabilities to steal money and personal information from unsuspecting job seekers.

Standard Bank said that it understands the immense pressure individuals face to secure employment.

However, fraudsters are intensifying their efforts, using this societal pressure point to deceive and defraud job seekers.

Scammers post fake job advertisements, which promise high salaries with minimal effort. However, their true purpose is to steal information or money.

Scammers frequently list hiring ads on social media platforms like Facebook, Instagram, LinkedIn and WhatsApp, pretending to have legitimate job offers.

These ads often promise high salaries for little work and upfront payments or commissions, which should be an immediate red flag for job seekers.

Standard Bank said that to protect themselves from falling victim to the scams, you should:

• Cross-check the details of the hiring company: Always contact the hiring company through official channels to verify the legitimacy of the job offer.

• Legitimate hiring companies will never demand upfront payments: Be wary of any job offer that requires you to make an upfront payment for training, equipment, or other fees.

• Do not disclose sensitive information: Never share personal information such as identity numbers, bank details, or one-time passwords (OTPs) over the phone or online.

• Be cautious of work-from-home jobs promising high pay: Jobs that promise substantial earnings for minimal effort are often too good to be true.

Standard Bank customers who suspect they have been targeted by a scam should contact their bank’s fraud hotline or call centre immediately.

Not the first time

The latest warning from Standard Bank joins a long list from the Big Four banks, with it previously highlighting the prevalence of Card-Not-Present (CNP) fraud and fake investment schemes.

Regarding CNP fraud, the bank said delivery apps, e-hailing, video on demand, and online shopping are commonplace in the digital age.

Consumers often rely on online platforms with targeted online ads when shopping, but this convenience has also led to the rising threat of CNP fraud.

“As digital transactions grow, banks are detecting more opportunistic attempts by cybercriminals to exploit online platforms,” said Athaly Khan, Head of Fraud Risk Management at Standard Bank.

CNP fraud happens when card details are stolen and used for online purchases and subscriptions—no physical card is required for these transactions.

Fraudsters will also exploit vulnerabilities in e-commerce systems to steal card numbers, expiry dates, and card verification values (CVVs).

CNP fraud is common on platforms with malicious pop-up ads, and e-commerce sites are seen as prime targets because they store sensitive data for ease of use.

Some victims will also enter their details on fake or cloned websites, which gives fraudsters easy access to their information.

“Many false ads, particularly promoting scams, Ponzi schemes, and fake investments, are funded using stolen card details,” said Khan.

Digital and social media platforms also allow users to pay for Ad campaigns virtually, which are particularly vulnerable when card details are stolen.

Standard Bank also warned its customers about a fraudulent WhatsApp group, which falsely associates itself with Standard Bank, SBG Securities, and SBG Securities Online Share Trading. 

Standard Bank said that the information in the group is fraudulent, noting that customers must be vigilant to stay safe from phishing scams.