Have you ever received a phone call from your bank’s fraud department?
The person on the other end sounds professional, helpful and reassuring. They know your name. They may know your ID number. They tell you that a suspicious payment is about to leave your account. Perhaps they say that Takealot, Amazon or another retailer is attempting to debit your account.
They sound convincing because that is exactly what they are trained to do.
Unfortunately, these scams are becoming increasingly common. Across South Africa, many people are losing significant amounts of money to highly organised criminals who pretend to represent trusted institutions such as banks.
Why These Scams Work
Fraudsters understand human nature.
They know that if they can make you feel anxious, they can make you act quickly. They create urgency and pressure. They want you to believe that your money is in immediate danger and that they are there to help.
A typical call may sound something like this:
“Mr Smith, we have detected a suspicious transaction on your account. We need to act immediately to stop it.”
Most people naturally want to protect their money. In that moment, fear can override caution.
The scammer may then ask you to confirm personal information, provide banking details, share a one-time password (OTP) or transfer funds to a so-called “safe account”.
The moment you comply, you may be giving the criminals exactly what they need.
The Two Most Important Things To Do
If you receive a call from anyone claiming to be from your bank’s fraud department:
- Hang Up
Immediately.
Do not argue. Do not explain. Do not stay on the line to find out more.
Simply end the call.
Even if the caller sounds credible, polite and knowledgeable, the safest response is to disconnect.
- Call The Bank Yourself
Once you have ended the call, contact your bank directly using a number that you have sourced yourself.
The fraud department’s number is usually printed on the back of your bank card, available on your bank’s website or listed on your banking app.
By making the call yourself, you are back in control. You know exactly who you are speaking to and can verify whether there is a genuine problem.
Trust Your Instincts
One of the strongest warning signs is pressure.
If someone is rushing you, creating panic or insisting that you take immediate action, stop and think.
Legitimate banks want to protect you, but they also understand the importance of security. They do not expect you to make major decisions under pressure.
Ask yourself:
- Am I being rushed?
- Am I feeling anxious or pressured?
- Is this person trying to stop me from verifying the information independently?
- Am I being asked to share an OTP, password or banking details?
If the answer to any of these questions is yes, treat the situation with extreme caution.
Your instincts are often your best early warning system.
Scammers are becoming more sophisticated every year. They are professional, persuasive and well prepared. Falling victim to a scam is not a sign of carelessness or lack of intelligence. These criminals succeed because they are skilled at creating trust and urgency.
The good news is that one simple habit can dramatically reduce your risk.
Hang up. Then call your bank directly.
Those two steps could be the difference between protecting your savings and becoming another victim of fraud.
At Veritas, we encourage all our clients to remain vigilant and to discuss any concerns with their financial planner. If something does not feel right, pause, verify independently and seek advice before taking action.
Remember: when in doubt, hang up first.
We thought you may also like to listen to this video that was shared by News24.com on an episode of the Before You Click Series. https://www.facebook.com/reel/1385909306494506
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