Standard Bank has issued a warning to its customers, to be careful with fraudsters attempting to scam them as we approach the Easter holidays, as South Africa is experiencing a high rise in digital banking scams due to artificial intelligence fast improvements.
According to Marius le Roux, Standard Bank Head of Fraud Operations, Client Experience and Risk Execution, fraudsters use persuasive AI driven tools such spamming, copying and voice scams to prey on customers from different places, causing many emotional and financial affliction.
“In recent cases, we’ve seen fraudsters impersonate reputable individuals or bank staff with astonishing accuracy. We are seeing a rise in scams where AI generated voices, cloned emails, and deepfake content are used to mimic legitimate communication from the bank,” warns Le Roux.
He further said recent scams sound and appear more real than in the past, allowing fraudsters to exploit victims into giving out information that is delicate unaware, allowing them remote access to their banking profile or putting money into made up opportunities. “As scams become more sophisticated, Standard Bank remains committed to protecting our customers, which is why we continue strengthening our security measures and empowering customers to stay informed and protected,” he said.
Le Roux added that scammers merge phishing with other scamming methods such as spoofed calls that come across as coming from the bank’s real number. He said they scare or motivate the recipient of the call into providing sensitive information, passwords, banking details and PINs during the call. “The fraudster’s goal is to gain access to the person’s money or personal information by creating a sense of urgency or trust over the phone. It is therefore essential for customers to remain vigilant, verify any suspicious communications, and follow strong security practices to protect their personal and sensitive banking information,” he advised.
He provided steps for customers to protect themselves from AI-driven scams:
• To never open any scan QR codes from texts and emails, open any additions sent or click links, as Standard Bank does not give out such for keeping your details in order, for logging into your profile, requesting cards or redeeming benefits.
• To not share information about their personal financial details.
• To often check their statements and customers can track illegal transactions through MyUpdates through the in-App SMSs or emails.
LeRoux encouraged customers to use the trusted fraud prevention features of Standard Bank such as the bank’s trusted person tool, as it adds an extra layer of payment protection by enabling a chosen individual to make confirmations of accepting or declining transactions. It can also assist customers in finding out whether a call is a scam or legit.
Compiled by Sibongile Selomane
