BankingStandard Bank scam warning for South Africa

 4 Dec 2024

Standard Bank has warned South Africans to be on alert over the festive period, with fraudsters intensifying their tactics.

Standard Bank’s Fraud Risk Management team has observed several methods used to deceive ATM users, especially vulnerable individuals like the elderly or those unfamiliar with other languages.

A common scam sees ATM language settings altered to confuse users.

Another scam sees fraudsters activating the “cardless function” to disorient customers.

A frequent tactic, especially during busy periods like the festive season, is jamming card slots or PIN pads to steal cards or money.

“These methods are designed to create confusion and make it easier for fraudsters to steal people’s cards or money,” said Athaly Khan, Head of Fraud Risk Management at Standard Bank.

Khan also highlighted “shoulder surfing,” where a criminal watches someone enter their PIN to steal it.

“It’s not just at ATMs – beware anywhere you use your bank card or enter sensitive information.”

She also advised customers to always be aware of signs of tampering on ATMs or point-of-sale devices, as card skimming incidents have been reported.

Vishing on the rise

Khan also said that fraud rises across the board during the festive season, particularly ATM fraud, credit card scams, and especially vishing.

Vishing sees fraudsters use phone calls or voice messages to trick people into sharing personal information, including bank details or passwords.

This scam often targets vulnerable individuals, as fraudsters pose as bank officials, tax agents or investment firms.

They trick victims into taking actions that jeopardize the safety of their bank accounts, often claiming that the account is at risk and urging them to transfer their money to a different account for “safekeeping”.

“A growing concern is victims approving one-time passwords (OTPs), which gives fraudsters access to their accounts.