At a time when many households are under pressure from the high cost of living, unexpected expenses and financial uncertainty, the promise of a discount, job opportunity, bargain or quick financial solution can be difficult to ignore. Criminals understand these pressures and increasingly use them to manipulate people into acting out of desperation.
South Africa’s banking industry has seen a sharp increase in digital banking crime. SABRIC’s latest figures show reported losses increased from approximately R1.9 billion in 2024 to R2.4 billion in 2025, with banking app-related crime accounting for more than 70% of reported digital banking losses. Against this backdrop, consumers are being encouraged to consider not only how they manage their money, but also how they protect it from increasingly sophisticated forms of fraud.
“Being financially savvy today is about more than budgeting or saving for the future. It also means understanding how fraudsters operate and recognising when something that seems familiar or legitimate deserves scrutiny,” says Moshibudi Sebola, Consumer Education Operations Support Manager at FNB.
Three fraud trends consumers should be paying attention to
1. Fraud is moving into places consumers already trust
Consumers have traditionally been advised to avoid suspicious websites and unsolicited messages. Increasingly, however, fraudsters are embedding themselves within legitimate digital environments. Fraudsters are increasingly targeting consumers on websites and apps they already know and use. While the website itself may be legitimate, some sellers may not be who they claim to be, making scams more difficult to spot.
“Consumers should avoid assuming that a familiar website or app automatically makes every interaction safe,” warns Sebola. “Before buying anything online, check seller reviews and ratings where available, be wary of deals that seem too good to be true, and avoid making payments outside of the website or app’s normal payment process.”
The same principle applies more broadly: a recognised brand, platform or organisation should never replace independent checks and due diligence.
2. Fraudsters are targeting access to existing accounts
Another growing concern is account takeover fraud, where criminals gain access to existing accounts by obtaining login credentials or convincing consumers to authorise fraudulent activity themselves. This typically occurs when consumers are tricked into sharing passwords or one-time pins, clicking on fraudulent links, or approving requests that appear to come from a legitimate organisation.
As more aspects of daily life move online, protecting access to accounts has become just as important as protecting money.
Consumers should use strong, unique passwords, enable additional security features where available and never share banking credentials, PINs or one-time passwords. Unexpected login notifications, device verification requests or approval prompts should always be treated with caution.
Where communication appears to come from a bank, retailer, government department or service provider, consumers should avoid clicking links contained in the message. Instead, they should contact the organisation directly using details sourced independently.
3. Scams are becoming more convincing
Fraudsters no longer rely on obvious warning signs such as poor grammar or poorly designed messages. SABRIC has highlighted the growing use of artificial intelligence to create more convincing phishing messages and impersonation scams, including instances involving cloned voices.
As a result, consumers can no longer assume that a professional-looking message is legitimate. Rather than focusing on how a message looks, focus on what it is asking you to do. Requests involving payments, confidential information, account access or transaction approvals should always be approached with caution.
This is particularly important when finances are stretched. Offers of refunds, investment opportunities, prizes, jobs or special discounts can feel appealing, making it easier for criminals to exploit emotions and encourage hasty decisions.
“One of the biggest misconceptions about fraud is that it only affects people who are careless. The reality is that today’s scams are carefully designed to look legitimate and to catch consumers off guard,” says Ettienne Fourie, Head of Fraud for Retail and Business Banking at FNB.
“Fraud prevention starts with slowing the process down. If someone is pushing you to act immediately, share information or approve a payment, take a moment to pause and confirm who you are dealing with. A few extra minutes could prevent significant financial loss,” he says.
Sebola says building these habits is becoming an essential part of financial wellbeing.
“Fraudsters are increasingly using the same channels and digital tools that consumers use every day. Creating a simple habit of pausing before responding, clicking or paying can go a long way in protecting yourself from financial harm,” she says.
As digital activity becomes more embedded in everyday financial life, developing these habits can form an important part of financial resilience. “Protecting yourself from fraud is not about avoiding digital services; it is about using them with greater awareness and confidence.”