It starts with a tap on your shoulder at an ATM. Or a call that flashes what looks like a legitimate bank number. In the opening weeks of 2026, these moments of interruption have become the frontline of a financial war, one where the weapons are distraction, deception, and our own trust. Capitec Bank has issued a series of stark warnings to its clients: the scammers are back, and their playbook is more convincing than ever.
Gone are the days of clumsy emails from a fictional prince. Today’s fraud is a high-stakes performance, and according to the bank, everyone is a potential target.
The ATM: Where Helpfulness is a Weapon
The classic ATM scam has evolved. Criminals now often work in pairs or small groups, employing sophisticated distraction tactics. One might drop coins at your feet, while another “helpfully” points out a problem with the machine. In that split second of diverted attention, your card is swapped or stolen, and your PIN is captured.
Capitec’s advice is steadfast: cover the keypad with your hand, refuse any assistance from strangers, and never use predictable PINs like your birth date. If your card is lost or stolen, freeze it instantly via your banking appdon’t wait.
The Phone Call: When Your Bank (Isn’t) Calling
Perhaps the most insidious threat is the phone-based scam. You receive a call from someone claiming to be from Capitec’s fraud department, alerting you to “suspicious activity.” They sound professional, urgent, and convincing. Their goal is to trick you into “verifying” your identity by revealing your PIN, OTP, or logging into your app.
Here, Capitec has a critical defence: its in-app call verification system. If a genuine Capitec agent calls, a green banner will appear in your app. A red banner means it’s a scam. The bank sternly warns: if the caller says this feature “isn’t working,” hang up immediately. It’s a lie.
The SAPS Impersonation: Fear as a Tactic
A more alarming trend is criminals impersonating police officers. The caller claims there’s a warrant for your arrest due to suspicious banking activity and demands immediate payment to “make it go away.” Capitec stresses a vital truth: the South African Police Service will never call to demand money, PINs, or access to your banking app. If you get such a call, hang up and contact SAPS directly on an official number.
Billions Lost in a Blur of Clicks
These warnings aren’t issued in a vacuum. They come against a backdrop of staggering losses. The South African Banking Risk Information Centre reported R2.72 billion lost to financial crime in 2024, with digital banking fraud accounting for a massive R1.89 billion of that. Banking app fraud alone caused over R1.2 billion in losses.
A TransUnion study found 59% of South African consumers were targeted by fraud in 2025, with 12% ultimately falling victim. Yet, confusion reignsover half of those surveyed felt unsure how to protect themselves online.
A Systemic Fight for Trust
The Financial Sector Conduct Authority (FSCA) has labelled digital fraud a fundamental threat to trust in the financial system. Commissioner Unathi Kamlana has emphasised that criminals exploit gaps between institutions. In response, the FSCA’s Digital Banking Fraud Project aims to foster collaboration between banks, telcos, and law enforcement for real-time monitoring and network disruption.
The message from both regulator and bank is clear: this is no longer just an IT issue. It’s a governance crisis, demanding vigilance at the highest levels and from every single person holding a bank card.
For the ordinary South African, the lesson is simple yet vital. In 2026, your greatest financial asset isn’t just your money; it’s your scepticism. Verify, double-check, and remember: in the digital age, the most valuable thing you can protect is your trust.
