Bank fraud is frighteningly common. It happens so easily – and it could easily happen to you. According to TransUnion, 60% of South Africans have recently been targeted by online, email, phone call or text messaging fraudsters, and 9% of consumers fell victim to the scams. 

Those bank fraud scams could be anything from vishing (when fraudsters get your bank account info over the phone) to phishing (fake emails claiming to be from your bank) to smishing (same trick, this time via SMS). Scams like these are becoming more and more common as mobile banking increases. 

There are so many bank fraud scams these days that it’s difficult to know what to do if you think you’ve been targeted by one. Stay calm and follow these five steps to limit the damage.  

Step 1: Contact Your Bank 

Do this right away. Every second counts, so the quicker you act the better chance you have of saving some of your money. Every bank has a hotline linked to its fraud department, and an agent there will talk you through the process. You could ask the bank to reverse any fraudulent charges, but your first step is to block the card to prevent any further loss.  

Many bank fraudsters will test your account by stealing a small, almost unnoticeable amount before making a big purchase. The trick is to prevent that from happening.  

Step 2: Call The Cops

Bank fraud is a crime. You must contact the South African Police Services (SAPS) through their 10111 line. Even if it’s not an emergency, you’ll need to open a case with SAPS to get a case number for insurance, and even if you don’t want to claim for insurance (or are embarrassed by the incident), it’s important that you alert the authorities. It may well end up saving the next victim. 

The South African Fraud Prevention Service is also a great resource, especially if you’ve been a victim of identity theft or bank fraud. You will be assisted through the process.

Step 3: Contact The Credit Bureau 

If your bank account has been compromised, you’ll need to put an immediate freeze on any credit in your name. Get hold of a credit bureau through the Credit Bureau Association to report the incident, and to make sure no scammers are taking out loans or running up debt in your name.  

Step 4: Secure Your Accounts

You should be doing this already, but if you aren’t, here’s a reminder:  

• Change your online passwords regularly 

• Only use strong passwords  

• Use unique passwords for each online account 

• Never share any information with strangers – no matter how convincing they sound 

If Your Bank Won’t Help… 

Banks deal with fraud cases all the time, so they’ll handle your case with care. But you may struggle to get your money back, especially if the bank can prove that you were irresponsible in giving sensitive information (like OTPs, passwords, etc) to a complete stranger.

If you think you’ve been treated unfairly by your bank, you can contact the Ombudsman for Banking Services (obssa.co.za) to lodge a complaint. 

Digital fraud is an ever-evolving practice that will likely never go away. But you can learn to identify and combat it effectively. Visit our digital fraud overview for more tips and tricks on doing this.