How phone scammers are targeting bank customers in South Africa

A GROWING number of bank fraud cases involve phone scammers who impersonate bank officials to deceive customers into transferring their funds to a so-called "safe account" as their bank accounts have been compromised.

- STAFF REPORTER

Fraudsters have sophisticated means and networks to gather information which is then used to persuade customers that they are calling from the bank by seemingly knowing all the customer's details,” said Nerosha Maseli, the Head of Division at the Banking Division at the National Financial Ombud Scheme (NFO).

A bank will never call you to request your PIN, OTP or other confidential information. Banks will never instruct customers to transfer funds. If you receive an unsolicited call from someone claiming to be from your bank, contact your bank's official fraud department immediately to confirm the legitimacy of the request,” Maseti said. The NFO also revealed that fraud remains the largest category of complaints handled. The Banking division, which customers elevate when relating to banks failing to act timeously after becoming aware of the fraud.

Maseli said fraud stems from 58% of the complaints received and often when reporting fraud to the bank, banking customers do not feel heard or assisted early.