Scammers turn to vishing

Those approaching retirement or have got their cash payouts are targeted.

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Scammers who want to steal your money are now turning to phone because banks calls are making it too difficult to get to your money in other ways. The banking industry has noted an increase in clients who have been duped by fraudsters posing as bank officials, tax officials or investment companies.

Dr Belinda Rathogwa, Standard Bank's head of digital and e-commerce, says they have now invested in new technology to caution and protect vulnerable consumers.

Data from the South African Banking Risk Information Centre shows that vishing, where scammers use phone calls and social engineering skills to manipulate victims into disclosing confidential information, has become the biggest contributor to application, digital banking and card-related fraud.

"Unlike phishing scams, which deceive people into clicking on links in texts and e-mails, vishing calls trick people into sharing sensitive banking information or taking actions that compromise the security of their bank accounts."