R2.4 billion stolen from South Africans – with some losing R800,000
South Africans lost R2.4 billion to digital banking fraud, with some victims losing hundreds of thousands of rands after fraudsters convinced them they were protecting their money.
According to the South African Banking Risk Information Centre’s (SABRIC) 2025 Annual Crime Statistics Report, the losses were recorded across 110,074 reported incidents, with an average loss of R21,865 per incident.
Reported client claims more than doubled from R1.09 billion in 2023 to R2.4 billion in 2025, while the latest figure represented a 29.2% increase from the approximately R1.9 billion recorded in 2024.
The figures highlight how criminals are increasingly exploiting technology, personal information, and customers’ trust in familiar banking processes to steal money.
Trevor Kingsley-Wilkins, Head of Retirement Fund Consulting at NMG Benefits, knows first-hand how convincing these schemes can be after his own mother was targeted by criminals impersonating her bank’s fraud department.
“They knew enough about her accounts to sound credible, and they created a real sense of urgency by telling her that transactions were taking place and that her money was being stolen,” he said.
The fraudsters then asked her for PINs, claiming they were necessary to stop the transactions. Believing she was protecting her savings, she provided the codes, which were instead used to authorise the theft.
“The result was a loss of R800,000,” Kingsley-Wilkins said.
The incident highlights how scammers can exploit people’s instinct to protect their finances, using panic and credible information to persuade victims to act against their own interests.
FNB flagged that older South Africans are also increasingly being targeted, particularly those with accumulated savings and assets.
Christopher Boxall, Head of Card Transact at FNB, said that fraudsters were increasingly using information gathered about potential victims to make their approaches more convincing.
“For fraudsters, this is kind of the perfect gap for them to try and convince these individuals to let go of their funds and authenticate payments,” he said.
Common tactics criminals use
Boxall said banking data showed a growing number of fraud cases involving people aged over 55, particularly those over 60.
“We’re seeing a larger number of those fraud cases being logged on a month-to-month basis,” he said.
According to Boxall, this is not an issue limited to FNB, but is being seen across the banking industry.
He said some older customers might be less familiar with banking authentication processes and more inclined to trust people who appear to represent an authority, leaving them vulnerable to manipulation.
However, fraudsters do not only target older people. Anyone can fall victim when confronted with a convincing story, an unexpected message or pressure to make an immediate financial decision.
One common tactic involves criminals creating a false emergency, such as claiming that an account has been compromised.
They then persuade victims to disclose PINs, passwords or one-time passwords (OTPs), or to authenticate transactions themselves.
Consumers should never share these security codes with anyone claiming to represent their bank.
If a call or message appears suspicious, they should end the conversation and contact the institution using an official number obtained independently.
WhatsApp messages about compromised accounts, unfamiliar numbers supposedly belonging to relatives, and competitions that recipients never entered should also be treated cautiously.
Investment offers promising unusually high returns with no risk are another warning sign. Criminals may also pose as retirement officials or financial advisers, offering to unlock money held in the two-pot retirement system and sometimes demanding an upfront fee.
Consumers can reduce their exposure by using strong, unique passwords, enabling two-factor authentication where available, protecting personal information, and securely disposing of documents containing sensitive details.
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