South Africa’s Most Common Banking Scams

Avoid becoming a victim of banking fraud, learn about the common techniques used by scammers.

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While the number of reported banking fraud incidents in 2021 is down 18% compared to 2020, the financial losses are up significantly from R310 million to R440 million.

A variety of scams combined with social engineering are commonly employed by cyber-criminals to trick their victims into giving out sensitive information which is then used to defraud them.

On average, victims loss over R 30k to scammers.

“SIM swapping has emerged as a popular method that criminals can defraud a victim with criminals intercepting transaction verification tokens. When compared to the year before, SIM swaps increased by a margin of 63%.”


To read about the most common scams and techniques used by cyber-criminals, read, ‘These are the most common banking scams in South Africa – what to look out for‘.

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