New crime trend sweeping South Africa

Ever heard of banking app kidnapping?

This is the latest crime trend in South Africa, which sees criminals holding people to ransom for their banking apps.

Using kidnapping and threats of violence, the perpetrators force their victims to drain their own bank accounts under duress.

A spokesperson from Standard Bank said there are various syndicates operating, and they have specific targets, with business owners being heavily impacted, although some attacks appear more opportunistic.

While other banking crimes, such as sim-swaps have declined massively in recent years, banking app kidnapping has become the latest method.

How it works

Some victims are forced to make payments into bank accounts outside of South Africa, which makes tracing the funds almost impossible by law enforcement.

In other cases, victims’ accounts are used to make online purchases, both locally and abroad.

Another example is when multiple digital wallet payments or account transfers are made to a local recipient by syndicate members holding the victim hostage while their accomplices drive around, making withdrawals from ATMs as fast as they can.

In almost all cases, password protection, biometrics and other security measures have proven ineffective.

“In an app kidnapping – where someone is forced to open their own profile on their own phone – there isn’t much one can do. It’s similar to someone forcing you at gunpoint to withdraw cash using your own card and pin at an ATM,” said Bank Zero executive director Lezanne Human.

Protection

There are ways to ensure this does not happen to you. One such way is by having two separate bank accounts, keeping only enough funds in your transactional account to cover immediate expenses, and placing the rest in a seven-day notice account.

Should you fall victim to app kidnapping, however, follow these steps:

• Seek help – once the incident is over, immediately contact the authorities and your bank to report the crime
• Stay passive – avoid sudden or aggressive actions that could cause the perpetrator/s to hurt you
• Comply with their demands – for your own safety, give them whatever they want
• Memorise details – if you can, remember what the criminal looks like down to their appearance, voice or other visual things you can memorise.

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