The bank responded by introducing various measures to protect its clients, including AI-powered warnings, in-app real-time call identification, and proactive protection against unauthorised transactions.<\/p>\n\n\n\n
In addition, the bank has a fraud task team with over 400 specialists. Sabric has shown that Capitec’s anti-fraud measures have helped reduce client losses by 66% more than the rest of the industry.<\/p>\n\n\n\n
Digital bank fraud is a type of online crime where criminals use stolen credentials, social engineering, or technology to get unauthorised access to online bank accounts, steal money or impersonate users to do illegal transactions.<\/p>\n\n\n\n
Methods of digital bank fraud include SIM swapping, phishing, and malware.<\/p>\n\n\n\n
According to Capitec, fraudsters use sponsored ads on Facebook, Instagram, and WhatsApp to promote fake specials from prominent companies.<\/p>\n\n\n\n
Capitec recommends avoiding links to special deals that seem too good to be true, as well as any advertisements that prompt social media users to download an app to claim these offers.<\/p>\n\n\n\n
In addition, Standard Bank listed features that could indicate a scam:<\/p>\n\n\n\n
- \n
- “What you are offered or promised sounds too good to be true.<\/li>\n\n\n\n
- The offer takes you by surprise, or the prize relates to a competition you never entered.<\/li>\n\n\n\n
- You\u2019re given limited time to confirm your details or win the prize, catching you off guard.<\/li>\n\n\n\n
- You receive the information via a free email address (like Hotmail, Aim, Yahoo or Gmail).<\/li>\n\n\n\n
- You are promised large sums of money for very little or no effort on your part.<\/li>\n\n\n\n
- You\u2019re asked to provide money upfront, for whatever reason, to receive the money or prize.<\/li>\n\n\n\n
- You\u2019re asked to confirm personal or account details via a hyperlink, icon or attachment in an email or over the phone.”<\/li>\n<\/ul>\n\n\n\n
The rise in express kidnappings in South Africa<\/h2>\n\n\n\n
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<\/a><\/figure>\n\n\n\nIn South Africa, there has been a rise in “express kidnappings,” where criminals abduct individuals and force them to transfer money using their banking apps. <\/p>\n\n\n\n
Security experts define these incidents as cases where victims are taken during robberies or hijackings and subsequently pressured to unlock their phones, banking applications, and accounts. <\/p>\n\n\n\n
According to the Institute for Security Studies (ISS), this form of kidnapping is becoming increasingly common. <\/p>\n\n\n\n
In many instances, these crimes occur opportunistically; perpetrators identify a target, act quickly, and attempt to drain their funds. <\/p>\n\n\n\n
However, some victims are deliberately chosen, often because they are believed to have access to substantial amounts of money.<\/p>\n\n\n\n
\u201cDepending on the group\u2019s sophistication, this can range from a couple of thousand rand to millions,\u201d the ISS noted. This tactic is part of a broader and deeply worrying rise in kidnapping-related crimes in South Africa.<\/p>\n\n\n\n
Some experts have noted that many of these incidents occur during everyday activities such as commuting, shopping, or arriving home.<\/p>\n\n\n\n
According to the latest South African Police Service (SAPS) crime statistics, nearly 4,800 kidnapping cases were reported nationally between October and December last year.<\/p>\n\n\n\n
This works out to roughly 53 kidnappings a day, with Gauteng accounting for more than half of those incidents.<\/p>\n\n\n\n