August 2, 2021

These are the banking scams you should look out for in South Africa right now – with fraud on the rise

InSites Consulting South Africa has published the results of its annual SITEisfaction Report, which reveals the behaviours and experiences of online customers using South Africa’s six main consumer banks: FNB, Capitec, TymeBank, Nedbank, Standard Bank and Absa.

With fraud being at an all-time high in 2019, the report pointed to a slight curb in 2020, with 60% of users reporting to have been targeted by fraudsters, down by 9% from 2019. “This year, we see the same number of consumers (60%) claiming to have been targeted by fraudsters,” the report’s authors said.

Somewhat more concerning is the slight increase in those who claim to have been victims of fraud, up from 30% in 2020 to 32% in 2021, they said.

Similar to 2020, the most prevalent fraud of 2021 was phishing – where a person tries to trick you into giving them your confidential information by pretending their email…

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