WeeklySA_AdminBEWARE: Scammers impersonate banks, mobile service providers, insurers, retailers, government agents, or IT support companies…
By Kirsten Minnaar
The Southern African Fraud Prevention Service (SAFPS) has warned South Africans about a surge in phone-based banking scams, which could lead to fraudsters emptying their bank accounts if they are not careful.
SAFPS explained that this scam, also known as ‘vishing’, involves phone calls from fraudsters who cleverly manipulate the public into revealing sensitive banking information.
In some cases, fraudsters try to convince consumers to use a link that will ultimately transfer their hard-earned money into a fraudster’s bank account.
It relies on psychological strategies and impersonation, with scammers often posing as representatives from legitimate organisations like banks, mobile service providers, insurers, retailers, government agents, or IT support companies.
“In South Africa, this scam tactic has become a preferred method for syndicates targeting both individuals and corporate employees, especially those with access to financial systems or customer data,” said SAFPS CEO Manie van Schalkwyk.
He added that the consequences range from drained bank accounts to compromised internal networks. While it may be easy for someone to think this type of scam will not happen to them, Van Schalkwyk cautioned against complacency.
“The method of deception used to scam targets involves a sophisticated blend of impersonation, social engineering and technology,” he warned.
Scammers may use several tactics when phoning potential victims. In some cases, they pretend to be from a bank’s fraud department.
They call the victim, claiming they have detected fraud on the victim’s account or that they are following up on a fraud incident and need you to verify details.
A scammer may also claim that someone has requested a SIM swap on the victim’s number, and to stop this, they need to provide a one-time pin.
Another possibility is the fraudster saying the victim’s account has a problem, and their money needs to be moved to another account for safekeeping.
Some scammers even target people’s life savings by convincing them to invest in something that promises wonderful returns using information they have on them.
Finally, SAFPS warned that fraudsters may claim to be hosting an online event or meeting which supports their scam objective, such as an investment opportunity.
The scammers claim this event will take place on a popular messaging or social media platform like WhatsApp, Telegram or Facebook.
The fraudster then sends an invite with a one-time pin while on the phone, asking the victim to read the code back to them to confirm their access to the event.
“These scammers often have some personal information already, which they use to legitimise their scam and gain your trust, “Van Schalkwyk warned.
“Scammers are using manipulation and intimidatory tactics to try and coerce people into taking action, and anybody can become a victim.”
SAFPS urged the public to remain vigilant and recognise the red flags that may indicate a call is a scam. One major warning sign is receiving an unsolicited call claiming there is fraud, unusual activity, or a problem with one’s account, a tactic used to manipulate victims into acting quickly.
Scammers often create a sense of urgency or pressure, threatening negative consequences if instructions are not followed, such as asking victims to click on a link sent during the call.
They may also request confidential information, including ID numbers, login credentials, banking details, or PINs, that legitimate organisations would never ask for.
Additionally, scammers tend to be vague, refusing to provide further details or legitimate contact information, and may become agitated when questioned.
Requests for payment through unusual methods such as vouchers, cryptocurrency, or links are another red flag. Finally, poor call quality, background noise, or robotic voices can also indicate a fraudulent call.
Where a consumer suspects that they are on the phone with a scammer, SAFPS said there are several things they can do to keep themselves safe.
First, they can simply say goodbye. “If you did not expect this call and the caller offers help with an issue on your bank account, do not press any buttons, share one-time pins, or respond to pop-ups. Just say goodbye and end the call.”
SAFPS also stressed that consumers should never give any of their personal or financial details over the phone.
“Contact your bank using the official phone number listed on their website, in your account statement, or through their official channels. Contact the relevant department and confirm that the call request was legitimate, “it said.
Finally, consumers should report the suspicious call to the relevant organisation or authorities. Consumers can report these cases to Yima, a SAFPS product.
Overall, Van Schalkwyk stressed that protection is the best defence. “To ensure your money stays in your bank account, just say goodbye,” he said. – Fullview
