{"id":825988,"date":"2025-05-31T07:00:00","date_gmt":"2025-05-31T05:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=825988"},"modified":"2025-05-30T15:32:40","modified_gmt":"2025-05-30T13:32:40","slug":"standard-bank-warning-to-south-africans-with-bank-accounts","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/825988\/standard-bank-warning-to-south-africans-with-bank-accounts\/","title":{"rendered":"Standard Bank warning to South Africans with bank accounts"},"content":{"rendered":"\n

Standard Bank has flagged the recent tactics used by criminals to gain access to your bank accounts. The most common at the moment include fake non-compliance notifications and extortion scams. <\/p>\n\n\n\n

The bank told BusinessTech there has been a significant rise in extortion, email, and text scams (phishing) targeting banking customers, resulting in considerable financial and emotional distress for thousands in recent months.<\/p>\n\n\n\n

It has issued a strong warning to its customers following a surge in cybercrime cases. Its Head of Fraud Risk Management, Athaly Khan, highlighted a concerning rise in phishing scams and extortion attempts that are catching many off guard.<\/p>\n\n\n\n

According to Khan, fraudsters are becoming more brazen and strategic in their attacks. \u201cWe\u2019ve seen a significant increase in email and text message scams, many of which appear alarmingly convincing,\u201d she said. <\/p>\n\n\n\n

\u201cThese are not random attempts; these criminals often have detailed personal information and use it to pressure victims into compliance.\u201d<\/p>\n\n\n\n

The latest data from the South African Banking Risk Information Centre (SABRIC) paint a concerning picture of the size of the problem. <\/p>\n\n\n\n

According to SABRIC, digital banking fraud has jumped by 45%, while financial losses tied to these scams have increased by 47%. <\/p>\n\n\n\n

Mobile banking apps, in particular, have become a primary target, now accounting for 60% of digital banking crime. Alarmingly, fraud via banking apps has soared by 89% over the past year.<\/p>\n\n\n\n

SABRIC reports that South Africans lost nearly R3.3 billion to financial crime in the past year, with a significant portion of that stemming from digital and card fraud. <\/p>\n\n\n\n

These schemes not only drain bank accounts but leave victims emotionally shaken and often too embarrassed to report the crime.<\/p>\n\n\n\n

Khan said fraudsters manipulate customers by exploiting the financial sector\u2019s compliance obligations, such as FICA regulations. <\/p>\n\n\n\n

\u201cThere has been a rise in fake non-compliance notifications, with criminals impersonating banks through emails and SMS messages,\u201d she explained.  <\/p>\n\n\n\n

\u201cThese messages often threaten account blockage unless customers click a link to update their information.\u201d <\/p>\n\n\n\n

Once the victim clicks on the link, they\u2019re taken to a fraudulent site that prompts them to enter sensitive details like card numbers, expiry dates, CVVs, and even one-time PINs.<\/p>\n\n\n\n

In some cases, malware is installed on their device, giving the fraudster complete remote access.<\/p>\n\n\n\n

Pause, verify, and never act impulsively<\/h2>\n\n\n
\n
\"\"<\/a>
Head of Fraud Risk Management at Standard Bank, Athaly Khan.<\/em><\/figcaption><\/figure><\/div>\n\n\n

Khan added that extortion scams are another worrying trend. These involve criminals posing as representatives from reputable institutions such as the Reserve Bank (SARB), SARS, or the police. <\/p>\n\n\n\n

\u201cThey claim to be investigating the customer for serious offences, fraud, money laundering, tax evasion, and demand cooperation under threat of arrest or reputational damage,\u201d said Khan.<\/p>\n\n\n\n

Standard Bank said victims are sometimes pressured to transfer money into a \u2018safe\u2019 account for the duration of a supposed investigation. <\/p>\n\n\n\n

In other cases, fraudsters claim to have compromising material, such as private photos or financial information, and threaten to expose it unless a ransom is paid.<\/p>\n\n\n\n

These criminals go to incredible lengths to appear legitimate. They send emails, make convincing phone calls, and even provide documents. <\/p>\n\n\n\n

\u201cThere have been instances where they proposed in-person meetings to reinforce their cover,\u201d Khan added.<\/p>\n\n\n\n

\u201cThe internet is a powerful tool for these fraudsters, especially when people overshare on social media. Every bit of information makes it easier for scammers to tailor their attacks.\u201d<\/p>\n\n\n\n

For those who suspect they\u2019ve been targeted, Khan stresses the importance of staying calm. <\/p>\n\n\n\n

She advised targeted customers not to panic, adding that fraudsters rely on fear and urgency to manipulate victims. \u201cPause, verify, and never act impulsively,\u201d she said. <\/p>\n\n\n\n

Standard Bank urged customers to avoid clicking on unsolicited links or sharing personal details in response to suspicious messages. <\/p>\n\n\n\n

\u201cLegitimate institutions will never ask for sensitive information or payments this way. If there\u2019s any doubt, customers should contact their bank\u2019s fraud department to secure their accounts,\u201d the bank said. <\/p>\n\n\n\n

Regularly monitoring bank and credit card statements can also help catch suspicious activity early. <\/p>\n\n\n\n

\u201cBeing proactive and informed is your best defence,\u201d Khan said. \u201cEnable all the available security features on your banking app and educate yourself about emerging threats.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Standard Bank has warned about the recent tactics criminals are using to access bank accounts.<\/p>\n","protected":false},"author":92,"featured_media":814553,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[10335,20675,21830,853,499,21466],"class_list":["post-825988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-banking-fraud","tag-global-state-of-scams-report","tag-south-africa","tag-standard-bank","tag-the-south-african-banking-risk-information-centre-sabric"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/825988","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=825988"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/825988\/revisions"}],"predecessor-version":[{"id":826272,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/825988\/revisions\/826272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/814553"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=825988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=825988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=825988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}