Beware of Xmas scammers

VIGILANCE: YOU MAY BE FLUSH WITH CASH AND RELAXED, BUT DON'T LET YOUR GUARD DOWN

- Ina Opperman

It is not only the Grinch who wanted to steal Christmas; many scammers are out there waiting to steal your money and your Christmas.

The festive season is here at last, and for most of us, that means it is a time to relax and unwind with family and friends. However, it is also when scammers intensify their efforts because people are less vigilant and have just received their bonuses, which means some of us have more money than usual.

According to the South African Banking Risk Information Centre (Sabric) 2023 Annual Crime Statistics report, a concerning rise in financial crime resulted in an economic loss of almost R3.3 billion.

The biggest increase was in cybercrime, and Sabric notes that "criminals have begun to exploit advanced technology such as generative AI to perpetrate sophisticated fraud schemes, including fake e-mails and deepfake content".

Another financial crime category that increased was fraudulent financial product applications. "Scammers typically attempt to obtain your PIN or one-time password (OTP) to steal money from your bank account or get you to reveal your personal details so that they can use it to apply for loans or other financial products in your name," Gavyn Letley, from DirectAxis says.