As South Africans head into the last stretch of the year, many households are preparing for school holidays, family gatherings, travel plans, and the early stages of festive season shopping. In addition to an increase in day-to-day spending, this unfortunately also means more opportunities for fraudsters to target unsuspecting individuals.
According to the South African Banking Risk Information Centre (SABRIC), digital banking fraud incidents more than doubled from 31,612 cases in 2023 to 64,000 in 2024, with financial losses exceeding R1.4 billion.
“Scammers are becoming increasingly sophisticated in the ways in which they execute social engineering. From phishing and vishing to fake WhatsApp messages and suspicious texts, they exploit our trust, our busy schedules, and even our sense of urgency or panic,” says Chris Boxall, Head of Card Transact, Industry and Fraud Detection at FNB.
More than 65% of cases reported by SABRIC involved the stealing of personal information through emails, fake websites, social media or text messages (phishing), or through phone calls or voice messages (vishing), or other related scams.
How scammers sneak in
In fraud, social engineering refers to the act of psychologically manipulating victims into performing actions or divulging confidential information. And, when scammers use social engineering, the trickery often begins with something that feels harmless: a routine-looking SMS, a WhatsApp alert, or even a phone call from someone claiming to be from your bank.
In reality, fraudsters may be using these otherwise ordinary platforms to manipulate unsuspecting members of the public into giving them unauthorised access to bank accounts, money, and other important assets. They often achieve this through:
- Phishing emails disguised as communication from your bank or SARS, often promising tax refunds
- Vishing calls where impostors pose as bank staff and pressure you for sensitive information
- Messaging scams on WhatsApp or SMS that push urgent links or payment requests
- Quishing scams using QR codes that redirect to fake websites
Boxall warns that tax season adds another risk. “Fraudsters know many South Africans are expecting communication from the South African Revenue Service (SARS) about returns or funds. They use this to send out convincing emails or SMSes with fake links. Always double check using official SARS or bank channels.”
Why this time of year matters
While it isn’t December yet, transaction volumes are already on the rise as families prepare for Black Friday, holidays, school breaks, and upcoming events. Fraudsters know this, and they use the increased pace of life and our moments of distraction to their advantage.
“Fraud has become more than just card skimming or stolen details,” Boxall explains. “It’s about criminals inserting themselves into your daily life, especially when you’re already juggling bigger financial commitments.”
Practical ways to protect yourself
FNB encourages consumers to combine smart banking habits with secure tools:
- Pause before you act: If a message or call feels rushed, stop and think about your next move.
- Verify directly: Contact FNB through the official number which is 087 575 9444 or the FNB Banking App instead of responding to unsolicited requests.
- Protect sensitive data: Never share PINs, passwords, or OTPs, no matter who asks. And remember that legitimate staff will never, under any circumstances, ever ask you for this information.
- Bank with extra layers of safety: The FNB Virtual Card offers added protection for online purchases because it has a dynamic CVV, it’s temporary, merchant-specific, and can be locked immediately after use.
- Stay alert in real-time: Turn on Smart Alerts in the FNB Banking App so you receive instant updates on your transactions.
Awareness is your first line of defence against fraud says Boxall. And, with a combination of vigilance and the right tools, you can keep yourself safe from fraudsters.
“The more informed you are about how scams work, the better equipped you are to stop them before they start. As a bank, we believe that empowering our customers with knowledge is just as important as providing secure banking tools. Yes, an FNB Virtual Card or our Smart Alerts can give you peace of mind. But the real difference comes when you make fraud awareness part of your everyday routine. That’s especially important as we head toward the busy year-end period,” he concludes.
