The South African Banking Risk Information Centre (Sabric) has warned about a rise in AI-driven scams affecting the banking sector.
Criminals are using deepfake videos, voice cloning, and AI-powered chatbots to impersonate bank officials and trick people into handing over their money.
How These Scams Work
Scammers use AI to create realistic messages, videos, and phone calls that appear to come from legitimate banks.
They promise lucrative investment deals, send links to fake banking apps, and even manipulate digital communication channels to gain victims’ trust.
One South African lost a shocking R6 million in a scam that pretended to offer stock trading on the Johannesburg Stock Exchange.
Another victim lost R100,000 to a fake broker who set up a professional-looking website and used social engineering tactics to gain trust.
Related: South Africans Are Warned of Telegram Investment Scams
AI-Powered Deception
Sabric warns that AI is making it harder to tell the difference between real and fake communications. Criminals can now:
- Clone voices to sound exactly like bank employees.
- Create deepfake videos of supposed bank representatives.
- Develop fake banking apps that look like the real thing.
- Impersonate banks on social media.
- Publish fake reviews and news articles to make scams seem legitimate.
A recent example involved a fraudulent WhatsApp group promoting a fake investment app called SBG SI Trader.
The scammers falsely claimed links to Standard Bank and SBG Securities to convince people to invest. However, the bank confirmed that this was a scam and urged customers to be cautious.
How to Protect Yourself
To avoid falling victim to these AI-driven scams, Sabric has suggested the following measures:
- If it sounds too good to be true, it probably is.
- Be wary of guaranteed financial returns. Legitimate investments always carry some risk.
- Never download apps from links in WhatsApp, SMS, or email. Use official app stores only.
- Verify before you trust. If someone claims to be from your bank, hang up and contact the bank through official channels.
- Never share personal banking details. Your bank will never ask for your PIN, OTP, or password.
- Report suspicious activity immediately. The sooner you report a scam, the better the chances of preventing further fraud.
Source: MyBroadband
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