Banks are alerting clients to be aware of social engineering scam tactics.
While online and contactless payments have become the norm in South Africa, major banks are reminding consumers to be aware of common scams, as the number of victims of banking scams has seen an uptick in 2023.
Social engineering is a method used by fraudsters and entails psychological manipulation to deceive individuals and organisations into divulging sensitive information or performing specific actions, said SABRIC.in the form of Phishing, Vishing and Smishing are rampant at the moment and Nowadays, exploiting the fact that almost everyone banks online has been criminals’ primary source of income.
Capitec also noted these scams as standard, adding that Vishing accounts for about 99% of its fraud cases in South Africa.
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