Consumer Alert: Surge in AI driven banking scams

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Standard Bank has urged consumers to be extra vigilant as the country approaches the Easter holidays, arguing that South Africa is facing a sharp rise in multi-layered digital banking scams, driven by rapid advances in artificial intelligence.

 

Standard Bank’s Head of Fraud Operations, Client Experience and Risk Execution, Marius le Roux, says fraudsters are no longer relying on a single trick.

 

Instead, they blend highly convincing AI-driven spoofing, phishing, and vishing to target consumers from multiple angles, placing many at risk of significant financial and emotional distress.

“In recent cases, we’ve seen fraudsters impersonate reputable individuals or bank staff with astonishing accuracy. We are seeing a rise in scams where AI-generated voices, cloned emails, and deepfake content are used to mimic legitimate communication from the bank.”

 

He adds that today’s scams look and sound more real than ever before, enabling fraudsters to manipulate victims into sharing sensitive banking information, unknowingly granting remote access to their banking profile, or investing in entirely fabricated opportunities.

 

Phishing remains one of the most common ways criminals gain access to accounts, with many victims unknowingly providing login credentials on fake websites or via malicious links and QR codes disguised as bank communication.

 

Standard Bank notes that these scams are increasingly sophisticated and often replicate the bank’s branding so well that even cautious consumers may fall victim.

 

“Once fraudsters have the customer’s username, password, or intercepted One Time-Pin (OTP), they can rapidly escalate their attack,” explains Le Roux.

 

He says fraudsters often combine phishing with other forms of attacks, including spoofed phone calls that appear to come from the bank’s real number. During the call, they try to scare or convince the person into sharing sensitive information like banking details, passwords, PINs, or OTPs. Sometimes they also trick victims into making payments to them.

 

“The fraudster’s goal is to gain access to the person’s money or personal information by creating a sense of urgency or trust over the phone. It is therefore essential for customers to remain vigilant, verify any suspicious communications, and follow strong security practices to protect their personal and sensitive banking information.”

How to protect yourself from multi-layered scams:

  • Never click links, open attachments, or scan QR codes sent through email or text.
  • Never share your sensitive banking information. This includes your login credentials, card number and expiry date, CVV (three digits on the back of your card), OTPs, or ATM PIN.
  • Avoid disclosing personal financial details, such as information about your investments or where you hold other financial products.
  • Frequently check your account statements.

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