{"id":857694,"date":"2026-04-23T07:00:00","date_gmt":"2026-04-23T05:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=857694"},"modified":"2026-04-23T06:44:01","modified_gmt":"2026-04-23T04:44:01","slug":"r1-9-billion-stolen-from-south-africans-over-r12500-per-person","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/857694\/r1-9-billion-stolen-from-south-africans-over-r12500-per-person\/","title":{"rendered":"R1.9 billion stolen from South Africans \u2013 over R12,500 per person"},"content":{"rendered":"\n

WesBank has issued a warning to South Africans over the rampant surge in digital banking fraud, which has cost South Africans over R1.8 billion. <\/p>\n\n\n\n

WesBank warns that criminals are now using highly convincing scams to steal money and personal information.<\/p>\n\n\n\n

These scams, which mimic official bank documents, are contributing to massive losses across the financial sector, with data showing that 70% of South Africans have been targeted by fraud. <\/p>\n\n\n\n

WesBank reported that, on average, victims lose over R12,500 per incident, with digital banking fraud increasing by 86%, costing the industry around R1.89 billion.<\/p>\n\n\n\n

According to WesBank, the latest scams are particularly dangerous because they appear so authentic, often replicating the bank\u2019s branding, tone, and formatting with alarming accuracy.<\/p>\n\n\n\n

\u201cThese letterhead scams are becoming increasingly sophisticated, making it difficult for even vigilant consumers to distinguish between genuine and fraudulent communication,\u201d said Lebogang Gaoaketse, Head of Marketing and Communication at WesBank.<\/p>\n\n\n\n

\u201cFraudsters invest considerable effort in replicating our branding, tone, and document formats to create convincing forgeries.\u201d<\/p>\n\n\n\n

He added that fraudsters frequently target individuals with existing or previous vehicle finance agreements, using insider knowledge to make their communications appear legitimate.<\/p>\n\n\n\n

Messages are often designed to create urgency or panic, pushing victims to act quickly without verifying the details.<\/p>\n\n\n\n

In proof of payment scams, they send fake payment confirmations to trick vehicle sellers into handing over cars before funds have cleared.<\/p>\n\n\n\n

In other cases, they impersonate bank officials and request customers to change their banking details, redirecting payments into fraudulent accounts.<\/p>\n\n\n\n

Refund or overpayment scams claim that a customer is owed money, but require sensitive banking information to \u201cprocess\u201d the payment.<\/p>\n\n\n\n

Fraudsters also send fake financing approval letters to private sellers or issue fraudulent arrears notices claiming that accounts are overdue and require immediate payment.<\/p>\n\n\n\n

These are often followed by fake legal threats, warning of repossession or legal action if payment is not made urgently.<\/p>\n\n\n\n

Pause before acting<\/h2>\n\n\n
\n
\"\"<\/a>
Lebogang Gaoaketse, Head of Marketing and Communication at WesBank<\/em>.<\/figcaption><\/figure><\/div>\n\n\n

Other schemes include fake account verification requests and the sale of non-existent insurance or warranty add-ons.<\/p>\n\n\n\n

Gaoaketse added that fraudsters often strike after public holidays or year-end shutdowns, when consumers may be financially strained or expecting legitimate communication from their bank.<\/p>\n\n\n\n

They also target periods shortly after vehicle purchases, resales, or settlements\u2014moments when customers are more likely to engage with financial correspondence without suspicion.<\/p>\n\n\n\n

Despite the sophistication of these scams, he noted that there are warning signs. He said that poor spelling and grammar, and inconsistent formatting, can all indicate fraud.<\/p>\n\n\n\n

Messages that create unnecessary urgency or pressure immediate action should also raise red flags, particularly when they request sensitive information such as passwords, PINs, or one-time passwords.<\/p>\n\n\n\n

WesBank stressed that it will never ask customers to share such details via email or SMS, nor will it request payments to unfamiliar accounts outside official channels.<\/p>\n\n\n\n

Any communication that deviates from these standards should be treated with caution. Gaoaketse urged consumers to take a moment before responding to any unexpected request. <\/p>\n\n\n\n

The South African Banking Risk Information Centre (SABRIC) reported that digital bank fraud has more than doubled in recent years.<\/p>\n\n\n\n

The biggest banks in South Africa have also noted that they have faced a significant increase in scam and fraud cases over the last few years.<\/p>\n\n\n\n

All banks have issued similar tips to help protect themselves from multi-layered scams, which include:<\/p>\n\n\n\n

    \n
  • Never click links, open attachments, or scan QR codes sent through email or text. Banks would not send login, update details, redeem rewards, or order cards via email or text.<\/li>\n<\/ul>\n\n\n\n
      \n
    • Never share your sensitive banking information. This includes your login credentials, card number and expiry date, CVV (the 3-digit code on the back of your card), OTPs, or ATM PIN.<\/li>\n<\/ul>\n\n\n\n
        \n
      • Avoid disclosing personal financial details, such as information about your investments or where you hold other financial products.<\/li>\n<\/ul>\n\n\n\n
          \n
        • Frequently check your account statements.<\/li>\n<\/ul>\n\n\n\n

          \u201cWe encourage all customers to pause before acting on any communication that requests payment, personal information or urgent action,\u201d Gaoaketse said.  <\/p>\n\n\n\n

          \u201cContact your bank directly through official channels to verify any communication you receive. Taking a few minutes to confirm authenticity could save you from significant financial loss and identity theft.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

          WesBank has issued a warning to South Africans over the rampant surge in digital banking fraud, which has cost South Africans over R1.9 billion.\u00a0<\/p>\n","protected":false},"author":92,"featured_media":855991,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[1334,6619],"class_list":["post-857694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-fraud","tag-wesbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/857694","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=857694"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/857694\/revisions"}],"predecessor-version":[{"id":858168,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/857694\/revisions\/858168"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/855991"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=857694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=857694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=857694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}