Nedbank and Discovery Sound Alarm Over Rising Card Fraud in South Africa

Impersonation scams are surging and even the most careful South Africans are getting caught out

If you’ve received a suspicious call claiming to be from your bank lately, you’re not alone. Both Nedbank and Discovery Bank have issued fresh alerts, warning South Africans of a sharp increase in card fraud and impersonation scams and urging customers to protect their digital banking details like their lives depend on it.

Your Card Is the Key to Your “Banking Kingdom”

Nedbank’s warning is clear: your card information and login credentials are the keys to your financial kingdom, and handing them over, even unknowingly, gives scammers full access.

The bank has seen a spike in cases where criminals use social engineering to trick customers into sharing confidential data. These fraudsters often pretend to be from trusted institutions like SARS, SAPS, or even Nedbank itself, claiming your money is at risk unless you act fast.

Some scams involve convincing phone calls, asking you to install apps from links sent via WhatsApp, SMS or email. Others rely on pressure tactics to get you to reveal:

• Your Nedbank ID username and password

• Your card PIN, CSC, or expiry date

• Personal details that could unlock multiple accounts

Discovery Bank Reports Similar Scams

Discovery Bank has also raised red flags. In its recent fraud alert and the SpendTrend25 report (done with Visa), the bank notes that scammers are increasingly posing as fraud agents.

They claim there are suspicious transactions on your account and urge you to provide card details to “stop” the fraud, but no legitimate bank will ever ask for your full card information, Discovery says.

“Scammers call pretending to be from the bank’s fraud team, pressuring you to share your card details. Banks will never ask for your full or missing card details,” the bank warns.

South Africans Are Concerned, For Good Reason

According to the SpendTrend25 report, based on a survey of 1,000 high-earning South Africans:

• 63% have personally experienced card fraud or know someone who has

• 76% have received scam messages via email, SMS, or phone

• Over 60% say they’re more worried about fraud now than a year ago

While trust in banks remains high, many users are switching to virtual cards and digital wallets for added security. These can’t be physically cloned or stolen, making them harder to exploit.

Nedbank’s Top Tips to Stay Safe

To help clients protect themselves, Nedbank shared the following tips:

• Never reuse usernames or passwords across websites

• Don’t write down or store passwords on your phone or browser

• Avoid guessable passwords like names or birthdays

• Don’t share your login or PIN with anyone, not even bank staff

• Avoid clicking links in SMSes or emails to access banking

• Use QR login and selfie verification on the Nedbank Money app for added protection

If It Feels Off, Hang Up

With scammers getting smarter by the day, even cautious customers can get caught off guard. If someone calls you claiming to be from your bank, don’t feel pressured, especially if they’re asking for sensitive information.

Rather hang up and call your bank directly using a number you trust.