Standard Bank Issues Urgent Scam Warning: Here’s How Criminals Are Targeting Your Bank Account

If you’ve received a suspicious text or email lately, you’re not alone. South Africans across the country are finding themselves in the crosshairs of a rising wave of banking scams, and Standard Bank has stepped forward to sound the alarm.

With fraudsters growing more sophisticated and daring, the bank is urging its customers to stay alert — and stay informed.

The New Face of Digital Crime: It Looks Real, Feels Urgent

Imagine this: you get a message that your bank account is non-compliant and will be blocked unless you act now. You panic, click the link, and follow the prompts — only to realise later it wasn’t your bank at all. That’s the kind of trap being set by criminals, and it’s costing South Africans dearly.

Athaly Khan, who heads up Fraud Risk Management at Standard Bank, says scammers are stepping up their game. “The emails and SMS messages they’re sending look legitimate. Some even include your personal details, making it all the more convincing.”

A Nation Under Attack: Just How Bad Is It?

It’s not just a few unlucky victims. According to the South African Banking Risk Information Centre (SABRIC), digital banking fraud is up by 45%. Even more alarming: financial losses tied to these scams have jumped by 47%.

Mobile banking apps have become a favourite target. They now account for 60% of all digital banking crime. And in just one year, fraud on these platforms has surged by a staggering 89%.

The overall losses? A jaw-dropping R3.3 billion — gone, much of it through fake links, phishing messages, and emotional manipulation.

Phishing, Fake Alerts, and Extortion: The Dirty Tricks They’re Using

Standard Bank has seen a major spike in fake compliance messages, especially ones pretending to be about FICA. These messages often threaten users with frozen accounts unless they urgently verify their info.

Victims are redirected to fake websites where they’re tricked into entering card numbers, CVVs, and one-time PINs. In some cases, clicking the link installs malware on the user’s phone or computer, giving criminals total access.

Another scam? Extortion. Criminals call or email pretending to be from SARS, the Reserve Bank, or even the police. They accuse victims of fraud or tax evasion and demand cooperation under the threat of arrest. Sometimes they even claim to have compromising photos or files and ask for money to keep them private.

“They’re pulling out all the stops,” said Khan. “Emails, phone calls, forged documents. Some even offer to meet in person to sell the lie.”

What You Can Do Right Now to Stay Safe

So, how do you protect yourself in the face of all this? Standard Bank’s advice is simple but powerful: pause, verify, and never act on impulse.

Here are a few essential tips:

• Don’t click on strange links. Legitimate banks won’t send urgent messages asking you to verify your account info this way.

• Never share sensitive details. That includes card numbers, passwords, PINs, or one-time verification codes.

• Stay alert to emotional manipulation. If a message or call uses fear or urgency, treat it with extra suspicion.

• Report it. If you think you’ve been targeted, contact your bank immediately. They’ll help you secure your accounts.

• Monitor your accounts. Check your bank and credit card statements regularly for anything unusual.

• Use every security feature available. From biometric login to real-time notifications, these tools can be life savers.

Let’s Not Give Scammers the Upper Hand

At the end of the day, digital fraud isn’t just a tech problem — it’s a human one. These scams work because they prey on fear, confusion, and trust. But by staying informed and staying calm, you can outsmart even the most convincing scam.

Standard Bank’s warning is clear: the threats are real, but so is your power to stop them. Spread the word, help your loved ones stay alert, and remember — no bank will ever ask for your private info over SMS or email.

If something feels off, trust your gut. Verify first. And if you ever feel unsure, make one safe call: reach out directly to your bank’s fraud department.

{Source: BusinessTech}

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