{"id":854419,"date":"2026-03-19T16:00:00","date_gmt":"2026-03-19T14:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=854419"},"modified":"2026-03-19T15:30:39","modified_gmt":"2026-03-19T13:30:39","slug":"fraud-warning-for-nedbank-and-gotyme-customers-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/854419\/fraud-warning-for-nedbank-and-gotyme-customers-in-south-africa\/","title":{"rendered":"Fraud warning for Nedbank and GoTyme customers in South Africa"},"content":{"rendered":"\n

Protecting your mobile device is a simple yet powerful way to reduce the risk of fraud in South Africa, with scammers being incredibly aggressive. <\/p>\n\n\n\n

GoTyme CEO Cheslyn Jacobs told BusinessTech that scammers are relentless, and no financial institution can fully mitigate the risks. <\/p>\n\n\n\n

Jacobs said that fraud in South Africa is an industry of over R10 billion per year, with scammers being incredibly intelligent. <\/p>\n\n\n\n

The recently appointed CEO noted that scammers are increasingly using the latest technologies, including AI, to support their scams. <\/p>\n\n\n\n

While the rebranded GoTyme is heavily investing in measures to mitigate fraud risks, Jacobs said that banks cannot fully combat fraud on their own. <\/p>\n\n\n\n

He said customers need to be alert to the potential risks to their accounts.<\/p>\n\n\n\n

That said, he did stress that the number of victims among those actually affected by fraud remains relatively low compared to everyone who has an account. <\/p>\n\n\n\n

He said that banking customers should be alert but not in a state of constant anxiety over potential fraud. <\/p>\n\n\n\n

In a recent note to clients, Nedbank outlined a host of simple ways South Africans can protect themselves from fraud. <\/p>\n\n\n\n

Nedbank said that one should manage their online banking profile by adjusting their payment, transfer, card and ATM limits to match their actual spending habits and toggle off card features they don’t use. <\/p>\n\n\n\n

One should also clean up their linked devices, removing unused devices from banking profiles to ensure that only current devices are used online. <\/p>\n\n\n\n

Reviewing one’s beneficiaries is also an important step. Delete those you no longer pay to keep your list clean and secure. <\/p>\n\n\n\n

Keeping details up to date, particularly the primary contact number, is another useful way to ensure banks can contact you if there is suspicious activity on an account. <\/p>\n\n\n\n

For Nedbank customers specifically, using the latest version of the Money app means that customers will benefit from the latest security enhancements.<\/p>\n\n\n\n

One should also immediately contact their bank if their phone is lost or stolen, or if they suspect a fraudulent SIM swap. <\/p>\n\n\n\n

Join the chorus<\/h2>\n\n\n
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GoTyme South Africa CEO Cheslyn Jacobs<\/figcaption><\/figure><\/div>\n\n\n

GoTyme and Nedbank’s feedback on scams comes shortly after Standard Bank issued a warning about scams ahead of the Easter holiday, noting that scammers are using a variety of tactics. <\/p>\n\n\n\n

Standard Bank\u2019s Head of Fraud Operations, Client Experience and Risk Execution, Marius le Roux, noted that fraudsters are no longer relying on a single avenue of fraud. <\/p>\n\n\n\n

Criminals are now blending highly convincing AI-driven spoofing, phishing, and vishing to target consumers from multiple angles.<\/p>\n\n\n\n

\u201cIn recent cases, we\u2019ve seen fraudsters impersonate reputable individuals or bank staff with astonishing accuracy,\u201d said Le Roux.<\/p>\n\n\n\n

\u201cWe are seeing a rise in scams where AI\u2011generated voices, cloned emails, and deepfake content are used to mimic legitimate communication from the bank.\u201d<\/p>\n\n\n\n

The use of AI makes new scams look and sound more real than ever, allowing fraudsters to manipulate victims into sharing their banking information.<\/p>\n\n\n\n

Phishing also remains one of the most common ways that criminals gain access to accounts. Customers are also tricked by messages appearing to be bank communication. <\/p>\n\n\n\n

Standard Bank said that scams are growing in sophistication and often replicate the bank\u2019s branding so well that even cautious consumers can fall victim.<\/p>\n\n\n\n

\u201cOnce fraudsters have the customer\u2019s username, password, or intercepted One\u2011Time-Pin, they can rapidly escalate their attack,\u201d noted Le Roux.<\/p>\n\n\n\n

He further noted that fraudsters will combine phishing with other forms of attacks, including spoofed phone calls that appear to come from the bank\u2019s real number.<\/p>\n\n\n

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Standard Bank\u2019s Head of Fraud Operations, Client Experience and Risk Execution, Marius le Roux<\/figcaption><\/figure><\/div>\n\n\n
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GoTyme CEO Cheslyn Jacobs says that fraudsters are relentless in South Africa, with billions lost each year. <\/p>\n","protected":false},"author":95,"featured_media":799923,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[23854,1799,499],"class_list":["post-854419","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-gotyme","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854419","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\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=854419"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854419\/revisions"}],"predecessor-version":[{"id":854427,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854419\/revisions\/854427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/799923"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=854419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=854419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=854419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}