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SA Banking Warns of Consumer & Business Bank Scammers

Umamah Bakharia

The South African banking ombudsman warns of increased banking scams targeting consumers and smaller businesses. In 2021, the office recorded losses of R295 million just in cases where the account holders complained that the banks conduct. Which was then investigated to which the ombudsman found that 2 880 individual fraud related cases. This is up 7.5% from 2020.

Radio Islam spoke to CEO of South African Banking Risk Information Center (SABRIC), Nischal Mewalall on the banking frauds.

The ombudsman previously said that banking fraud usually comes in waves where fraudsters know when and where to target.

“Usually each wave comes with a new storyline or it comes with slight twists in the techniques to keep the situation dynamic,” says Mewalall.

He further explains: “Each storyline becomes less suspicious because its new and [as the victim] becomes less suspecting and in return they hope of landing new victims each time or sometimes catching a new victim with a new idea.”

SABRIC advises that people should educate and make themselves aware of the possible scams to prevent becoming a victim.

Mewalall advices, “No bank will call you for your pin or OTP as the chances are that it is a scam and you should not engage further and use an independent method to validate before you pay somebody.”


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