Standard Bank has issued a warning to banking customers in South Africa about a rise in scam calls targeting vulnerable account holders.
The banking industry in South Africa has noted an increase in clients duped by fraudsters posing as bank officials, tax officials, or investment companies. Older South Africans are being targeted specifically.
According to Standard Bank, older South Africans are at risk, with scammers targeting older people who are approaching retirement or have recently received their cash payouts. Standard Bank’s Head of Digital and E-commerce, Dr Belinda Rathogwa, said that banking customers need to be vigilant so they do not fall for such scams.
“This social engineering tactic leaves little recourse for consumers so that many are unable to recover all of their lost funds, and most don’t recover any of their money, even with their bank’s assistance”. “Our data shows that a growing number of older clients use our App. Any additional security features on the App can, therefore, play a big role by protecting them,” the bank said.
These scammers are posing as SARS officials and trying to convince customers to hand over personal details and give access to bank accounts under the pretence of resolving tax return issues.Standard Bank provided further tips on how clients can protect themselves.If you receive a call from someone claiming to be from your bank’s fraud department, remember that the bank will never ask you to share your personal information over the phone.
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