You are going about your day when you receive an unexpected call from your “bank” claiming there is fraud on your account. The caller pressures you to take immediate action, but something feels off. What should you do? Just say goodbye.

The Southern African Fraud Prevention Service (SAFPS) has launched an awareness campaign to help consumers recognise these scams and take the right steps to protect themselves.

Modus Operandi
The scam typically involves phone calls from fraudsters (vishing), who manipulate the public into revealing sensitive banking information or trick consumers into using a link that ultimately transfers their money into a fraudster’s account.

These criminals rely on psychological strategies and impersonation, often posing as representatives from legitimate organisations such as banks, mobile service providers, insurers, retailers, government agencies, or IT support companies.

“In South Africa, this scam has become a preferred method for syndicates targeting both individuals and corporate employees, especially those with access to financial systems or customer data,” says Manie van Schalkwyk, CEO of SAFPS.

He adds that the consequences can range from drained bank accounts to compromised internal networks.

“Understanding how this scam works is the first step in building resilience. Awareness is the frontline defence in fraud prevention.”

Popular scenarios
Van Schalkwyk warns against complacency. “You might think, ‘This will never happen to me,’ but the methods used are a sophisticated blend of impersonation, social engineering, and technology.”

Some tactics used by scammers include:
• Claiming they are from your bank’s fraud department and that they need you to verify details following a detected fraud incident.

• Claiming someone has requested a SIM swap on your number and that you must provide a one-time pin to stop it.

• Claiming there is a problem with your account and that your money needs to be moved to another account for safekeeping.

• Using personal information to convince you to invest life savings in schemes promising high returns.

• Hosting a fake online event or meeting (like an investment opportunity) on platforms such as WhatsApp, Telegram, or Facebook, sending an invite while on the phone and asking you to read back a one-time pin to confirm participation.

“These scammers often have personal information already, which they use to make their scam seem legitimate and gain your trust,” warns Van Schalkwyk. “They use manipulation and intimidation, and anyone can become a victim.”

Red flags
The SAFPS advises the public to watch for the following warning signs:
• Unsolicited calls: Unexpected calls claiming fraud, unusual activity, or account problems aimed at manipulating you to act quickly.

• Pressure to act fast: Scammers create a sense of urgency, often threatening negative consequences to rush you into decisions or actions, like clicking on a link during the call.

• Requests for confidential information: Scammers may ask for personal or banking details, login credentials, account numbers, or PINs. Legitimate organisations will never ask for these over the phone.

• Vague responses: Scammers avoid providing details, formal contact information, or transferring you to a manager, and may get agitated when questioned.

• Unusual payment methods: Requests to pay via vouchers, cryptocurrency, or links sent by the caller.

• Poor call quality: Background noise, static, or robotic-sounding voices can indicate a fraudulent call.

Steps to take
If you receive a suspicious call:
• Just say goodbye: If you didn’t expect the call, don’t press buttons, share one-time pins, or respond to pop-ups – simply end the call.

• Do not share information: Never give personal or financial details over the phone.

• Verify the call: Contact your bank using official channels listed on their website or account statements to confirm if the call was legitimate.

• Report it: Report suspicious calls to the relevant organisation or authorities. Consumers can report incidents to Yima (a SAFPS product) at www.yima.org.za. or via the hotline at 083 123 7226.

• Protection is your best defence.

“To ensure your money stays in your bank account, just say goodbye,” advises Van Schalkwyk.