Financial Scams on the Rise in SA: What You Need to Know

Financial Losses Continue to Increase Despite Decrease in Reported Cases

Despite a slight decrease in reported cases of banking fraud last year, the financial losses have increased significantly. According to recent statistics, the number of reported incidents dropped by 18% in 2021 compared to the previous year, but the total value of losses soared from R310 million to R440 million.

Common Methods Used by Cyber-Criminals

Experts warn that various scams combined with social engineering tactics are being used by cyber-criminals to trick victims into revealing sensitive information, which is then exploited to defraud them. Some of the most common methods include:

• SIM Swapping: This involves intercepting transaction verification tokens to defraud victims.
• Other scams and tactics

The Cost of Falling Victim to Financial Scams

On average, each victim loses over R30,000 to scammers, highlighting the need for vigilance and awareness about common financial scams in South Africa.

What to Do to Stay Ahead of Scammers

To stay ahead of these scammers, it’s essential to be aware of the most common banking scams in South Africa and know what to look out for. Some tips include:

• Being cautious when receiving unsolicited calls or messages
• Verifying transaction details through multiple channels
• Keeping personal and financial information secure
• Staying up-to-date with the latest scam trends and techniques

Protect Yourself from Financial Scams in South Africa

By being aware of these common banking scams and taking steps to protect yourself, you can significantly reduce your risk of falling victim to financial scams. Stay vigilant, stay informed, and stay safe!