As South Africa prepares for the Easter holidays, Standard Bank has warned customers about a sharp increase in sophisticated digital banking scams powered by artificial intelligence.
Marius le Roux, Head of Fraud Operations, Client Experience and Risk Execution at the bank, said criminals are increasingly using advanced technology to impersonate trusted figures and banking officials.
According to the bank, fraudsters are now using AI generated voices, cloned emails and deepfake content to create convincing messages that appear to come from legitimate banking sources.
Le Roux warned that these scams are becoming increasingly difficult for consumers to identify as criminals replicate official branding and communication channels with greater accuracy.
Phishing Remains A Major Threat
The bank said phishing remains one of the most common tactics used by cybercriminals to gain access to accounts.
In many cases, victims unknowingly submit their login details through fake websites or malicious links disguised as official bank communication.
Once criminals obtain usernames, passwords or intercepted one time pins, they can quickly escalate the attack and gain control of accounts.
Fraudsters also combine phishing with spoofed phone calls that appear to come from legitimate bank numbers. During these calls, criminals often create a sense of urgency or trust to convince victims to share sensitive banking information.
Tips To Protect Yourself From Banking Scams
Standard Bank has urged customers to take extra precautions and use available fraud prevention tools.
Among the measures recommended are:
- Avoid clicking on links, opening attachments or scanning QR codes sent via email or SMS.
- Never share sensitive banking information such as passwords, card details or one time pins.
- Do not disclose personal financial details such as investment information or accounts held at other banks.
- Regularly review bank statements and enable real time account alerts to monitor suspicious activity.
The bank also encourages customers to use security features such as its Trusted Person tool, which allows a nominated person to confirm suspicious transactions, and Trust Call technology, which helps identify potentially fraudulent calls.
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