Online banking fraud is on the rise in South Africa, and scammers are using increasingly clever tricks to gain access to people’s hard-earned money.
From SIM swap fraud to phishing emails, the threats are real—but so are the ways to protect yourself.
If you’re banking online or via mobile apps, here are seven essential ways to keep your account safe.
1. Never share your OTP or PIN with anyone
In South Africa, most online banking systems rely on One-Time PINs (OTPs) as a second layer of security. Criminals often call or message you, pretending to be from your bank, and ask for your OTP or PIN to “fix an urgent issue.” This is a scam. Your bank will never ask for these details over the phone, SMS, WhatsApp, or email. If someone does, cut communication immediately.
2. Be aware of SIM swap fraud
SIM swap fraud is a major concern in the country. It happens when criminals convince your mobile service provider to transfer your number to a new SIM card in their possession. Once they control your number, they can intercept OTPs and access your accounts. If your phone suddenly loses signal for no reason, contact your mobile provider immediately. Many banks and networks offer SIM swap alert services—register for them to stay one step ahead.
3. Enable app-based authentication instead of SMS OTPs
SMS-based OTPs can be intercepted during a SIM swap. Most major banks in South Africa—like FNB, Capitec, Standard Bank, and Absa—offer app-based authentication that requires you to approve transactions directly within your mobile app. This is far more secure and gives you greater control over your account activity.
4. Avoid phishing emails and fake bank websites
Phishing scams often arrive in your inbox disguised as official communication from your bank. These emails usually contain urgent language prompting you to “verify your account” or “reset your password.” Instead of clicking on any links, type your bank’s website directly into your browser. Check the sender’s email address carefully and avoid opening attachments or links that seem suspicious. If in doubt, contact your bank directly using verified contact information.
5. Don’t use public Wi-Fi to access your bank account
Public Wi-Fi networks in malls, airports, or coffee shops are not secure. Using them to access your bank account could expose you to man-in-the-middle attacks, where criminals intercept the data you send. To be safe, only perform banking transactions on private, secure connections. If you absolutely need to bank while on the go, use a VPN to protect your data.
