{"id":817554,"date":"2025-03-20T07:00:00","date_gmt":"2025-03-20T05:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=817554"},"modified":"2025-03-19T17:27:32","modified_gmt":"2025-03-19T15:27:32","slug":"important-warning-to-all-south-africans-with-a-bank-account","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/817554\/important-warning-to-all-south-africans-with-a-bank-account\/","title":{"rendered":"Important warning to all South Africans with a bank account"},"content":{"rendered":"\n

The South African Banking Risk Information Centre (SABRIC) has warned all banking customers about the surge in criminals using AI to defraud victims, with some having lost millions. <\/p>\n\n\n\n

SABRIC warned that criminals now leverage artificial intelligence to impersonate banks, officials, and financial institutions across multiple digital platforms.<\/p>\n\n\n\n

“This is making it increasingly difficult for consumers to distinguish between legitimate and fraudulent communications,” it said. <\/p>\n\n\n\n

SABRIC works closely with banks, law enforcement, and regulators to detect fraud, track emerging threats, and educate consumers on staying safe. <\/p>\n\n\n\n

The centre noted that the latest wave of scams is particularly concerning, as fraudsters use deepfake videos, voice cloning, and AI-powered chatbots.<\/p>\n\n\n\n

Using these advanced AI tools means criminals can create highly convincing impersonations of bank representatives.<\/p>\n\n\n\n

One of the most alarming trends is the proliferation of fake investment apps and fraudulent social media schemes. <\/p>\n\n\n\n

Standard Bank recently flagged a scam involving a fraudulent WhatsApp<\/a><\/strong> group promoting SBG SI Trader, a fake investment app designed to steal personal data and money. <\/p>\n\n\n\n

The app falsely claimed to be affiliated with Standard Bank, SBG Securities, and its online share trading platform. <\/p>\n\n\n\n

It even referenced the bank\u2019s Financial Sector Conduct Authority (FSCA) license and an actual employee to add legitimacy.\u00a0<\/p>\n\n\n\n

The bank stressed that customers should be extremely cautious about social media messages, emails, or phone communications requesting personal information.<\/p>\n\n\n\n

SABRIC said scams are going beyond fake banking apps. Criminals also impersonate bank officials on social media, posting fraudulent reviews and endorsements.<\/p>\n\n\n\n

The scammers even generate fake news articles to gain credibility and to lure unsuspecting victims into their schemes.\u00a0<\/p>\n\n\n\n

The consequences of falling for such scams can be devastating. In one case, a victim was tricked into investing over R6 million under the pretence of trading on the Johannesburg Stock Exchange (JSE).\u00a0<\/p>\n\n\n\n

The scammers, posing as bank employees, used a fake app and manipulated digital communication channels to gain the victim\u2019s trust and ultimately siphoned the funds.\u00a0<\/p>\n\n\n\n

Another individual lost over R100,000 after being deceived by a fraudulent broker who created a professional-looking website and used social engineering tactics to convince the victim to invest.<\/p>\n\n\n\n

Despite promises that they could withdraw their funds at any time, the victim lost everything.<\/p>\n\n\n\n

Warning about AI scams from SABRIC CEO Nischal Mewalall<\/h2>\n\n\n
\n
\"\"<\/a>
SABRIC CEO Nischal Mewalall <\/em><\/figcaption><\/figure><\/div>\n\n\n

SABRIC CEO Nischal Mewalall warned that AI-driven scams are now so advanced that even the most cautious individuals can be deceived. <\/p>\n\n\n\n

\u201cCriminals can convincingly replicate voices, craft realistic emails, and even develop entire fake apps to steal personal information and money,\u201d said Mewalall.<\/p>\n\n\n\n

\u201cAlways verify before trusting. If someone claims to be from your bank, hang up and contact the bank through an official channel.\u201d<\/p>\n\n\n\n

The Southern African Fraud Prevention Service (SAFPS) has also reported that impersonation fraud surged by 337% last year compared to the previous year. <\/p>\n\n\n\n

According to SAFPS CEO Manie van Schalkwyk, the increase is alarming and shows how South Africans are becoming prime targets for fraudsters. <\/p>\n\n\n\n

\u201cCriminals are increasingly opening or taking over accounts using stolen identities, making identity theft one of the fastest-growing threats in the country,\u201d he said. <\/p>\n\n\n\n

To protect yourself from these scams, SABRIC highlighted several ways people can remain vigilant: <\/p>\n\n\n\n

    \n
  • If an offer sounds too good to be true, it probably is. Be wary of investment opportunities that promise \u201cguaranteed\u201d returns. <\/li>\n<\/ul>\n\n\n\n
      \n
    • Never download apps from links sent via WhatsApp, SMS, or email\u2014always use official app stores. <\/li>\n<\/ul>\n\n\n\n
        \n
      • If you receive a call, message, or email from someone claiming to be from your bank, verify their identity by calling your bank directly through its official contact number. <\/li>\n<\/ul>\n\n\n\n
          \n
        • Banks will never ask for your PIN, one-time password (OTP), or banking credentials. Additionally, legitimate bank executives do not sell or promote investment opportunities to the public.<\/li>\n<\/ul>\n\n\n\n

          SABIC added that if you suspect fraudulent activity, report it immediately. Contact your bank and alert the relevant authorities. <\/p>\n\n\n\n

          “These scams are not just targeting a select few\u2014they are affecting everyday South Africans, depleting life savings, and undermining trust in digital banking,” it warned. <\/p>\n","protected":false},"excerpt":{"rendered":"

          The South African Banking Risk Information Centre (SABRIC) has warned banking customers about a rise in AI-driven fraud, with victims losing millions.<\/p>\n","protected":false},"author":92,"featured_media":817572,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[3849,853,21466],"class_list":["post-817554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-bank-fraud","tag-south-africa","tag-the-south-african-banking-risk-information-centre-sabric"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/817554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=817554"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/817554\/revisions"}],"predecessor-version":[{"id":817731,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/817554\/revisions\/817731"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/817572"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=817554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=817554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=817554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}