The call comes from the bank's fraud department. The number even looks right. The caller knows your name, says someone is trying to empty your account, and walks you through moving your money to a safe account while they block the thieves. You do exactly as told. The money is gone within minutes, and the thieves were the ones on the phone.
Banking fraud in South Africa is not mostly hackers breaking into banks. It is people being talked into handing over the keys. This guide explains what the latest figures show, the scams that cause the most losses, and a short list of rules that would have stopped most of them.
The rules in short:
- Your bank will never ask you to move money to a safe account.
- Never share an OTP, PIN, password or card number with anyone who calls you.
- Hang up and call the number on the back of your card.
- Never install remote-access software because a caller asks you to.
- Check that an investment seller is licensed before you pay anything.
How big is the problem?
The South African Banking Risk Information Centre (SABRIC) released its 2025 annual banking crime statistics in August 2026. Digital banking losses reached about R2.4 billion across more than 110,000 reported incidents, up from roughly R1.9 billion the year before, and the banking app accounted for more than 70% of the value of those losses. SABRIC stressed that this does not mean the apps were hacked: the fraud usually starts outside the app, with a customer being manipulated. Gross card fraud losses rose 18% to about R1.7 billion, with card-not-present fraud, where card details are used online without the physical card, the largest contributor. Physical crime fell: ATM attacks dropped 46%, and there were two bank robberies in 2025 against eight the year before.
The pattern is that criminals have moved from breaking into machines to manipulating people. SABRIC describes most digital banking crime as social engineering: impersonation of trusted organisations, voice phishing, remote-access software and false payment instructions.
What are the scams that cost people the most?
- The safe account call. Someone claiming to be from your bank or the police says your account is at risk and tells you to transfer money to a safe account. Real banks do not do this.
- The OTP request. You receive a one-time PIN you did not request and a caller asks you to read it out. That code approves a payment or a new device on your account.
- Remote access. A caller offers to fix a problem and asks you to install an app that lets them control your phone or computer. Once installed, they can see and approve your banking.
- Fake investments and funeral deals. The Financial Sector Conduct Authority (FSCA) and the FAIS Ombud have repeatedly warned about unlicensed sellers promising lavish returns, or lavish funerals for a tiny monthly premium, often through social media. If it sounds too good, it is usually the scam.
- SIM swap. Criminals get a replacement SIM in your name to receive your OTPs. If your phone suddenly loses signal for no reason, call your network and your bank straight away.
What should you do in the moment?
Scammers rely on speed and fear. The best defence is to slow down by one step:
- Hang up. A real fraud team will not mind that you are checking.
- Call the number printed on your bank card or in your banking app, not the number the caller gave you or the number on the screen.
- Never read out an OTP, even if the caller already knows other details about you. Information about you can be bought or stolen.
- If something feels urgent, treat that as a warning sign.
What if you have already been scammed?
Speed matters. Phone your bank's fraud line immediately and ask them to block the account or card and try to stop or recall the payment. Open a case at the police station and keep the case number. Write down the time, the phone number and what was said. Change your banking passwords from a device you trust.
Whether you are reimbursed can depend on how the loss happened, and banks sometimes decline when a customer shared a PIN or an OTP. If the bank rejects your claim, the National Financial Ombud Scheme handles complaints about banks for free (0860 800 900). Do not pay anyone who offers to recover your money for a fee, because that is a second scam aimed at victims.
How can you make your accounts harder to drain?
- Use the bank's app limits if available. Most banking apps let you set daily payment limits, so even a successful scam is capped.
- Turn on transaction notifications for every payment, so you see a fraudulent one at once.
- Keep your main savings in a separate account that you do not use in the app every day.
- Keep your phone's software and your banking app up to date, and only download apps from official stores.
- Check an investment seller's licence number on the FSCA website before you pay anything, and make sure it belongs to the firm you are actually dealing with. Scammers quote real licence numbers that belong to other companies, so type the number in yourself rather than trusting the one they send.
A buffer matters here too. Even a well-protected account can be hit, and having a small amount you can still reach keeps a bad week from becoming a debt. The guide to starting a buffer fund shows how to build one.
How can Budget Hub help?
Budget Hub cannot stop a fraudster, and it does not monitor your bank account. What it can help with is noticing. If you import your bank statement as a CSV, the transactions list and the monthly category totals make an odd charge easier to spot, and the Analytics page detects recurring bills from the same merchant, so a debit order you did not set up stands out. The free plan allows one upload a month and the first 50 transactions. For subscription charges you do recognise, the guide to subscription spending shows how to keep them in check.
Quick answers
Will my bank ever ask me to move money to a safe account?
No. A request to move money to a safe account is a hallmark of a scam. Hang up and call the number on your card.
What should I do if I shared my OTP?
Call your bank's fraud line immediately, ask them to block the account and try to stop the payments, then open a police case and keep the case number.
Where can I complain if my bank will not reimburse me?
The National Financial Ombud Scheme handles complaints about banks and insurers for free. Complain to the bank in writing first.
Pick one rule from the list and teach it to someone in your family today, ideally the person who is most likely to pick up an unknown number. One rule remembered under pressure is worth more than a long list nobody can recall.