More South Africans are falling for banking scams

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Losses reported by the victims of the various types of banking scams exceeded R295m in 2021

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The ombud investigated more than 2,880 banking fraud related cases last year, an increase of 7.5% from 2020. Picture: 123RF/SCAN RAIL

“This is an extremely worrying trend, especially when considering that these funds are mostly lost by individuals and small businesses who, in the majority of cases, are not in a financial position to suffer any kind of financial setback. In addition to the negative effects of Covid-19 on finances, most of these victims will sadly never be able to recover from these financial losses,” said Steyn.

Most of these matters were due to bank customers falling victim to internet banking fraud, credit card fraud, current account fraud and ATM card swap scams. If you receive a phone call requesting confidential or personal information, do not respond and end the call. Contact your bank’s fraud hotline immediately;

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