WesBank urges vigilance as festive season vehicle auction scams rise

EXERCISE CAUTION

- SIPHESIHLE BUTHELEZI

WITH year-end bonuses soon to be paid out, South Africans are being advised to exercise caution amid a rise in fraudulent vehicle auctions targeting festive season buyers.

Industry figures from late 2024 indicate that almost 70% of South Africans were targeted by fraud, with victims losing an average of more than R12 500.

Digital banking fraud increased by 86%, costing the industry R1.888 billion, and vehicle auction scams have become a growing contributor. WesBank has warned that increased buyer activity in December creates an opportunity for fraudsters operating online and in person.