Sabric has warned consumers of the rise in AI-powered banking scams after one South African was scammed out of R6 million.
Imagine getting a WhatsApp message from your
bank. The logo is spot-on, the language is professional, and the person on the
other end sounds exactly like a real bank employee.
They offer you an incredible investment
opportunity that seems too good to pass up. They even send a link to download
an app to get started.
The only problem is… it’s all fake.
That’s exactly how one South African
lost R6 million to scammers using artificial intelligence (AI) to
impersonate their bank, and they’re not alone.
Another victim was scammed out
of R100,000 in a similar scheme.
According to the South African Banking
Risk Information Centre (SABRIC), AI-powered scams are on the rise, with
criminals using deepfake videos, voice cloning, and AI chatbots to
trick even the most cautious people.
How these AI scams work
Fraudsters are no longer just sending basic
phishing emails or scam texts. They’re using AI to:
- Clone voices, making phone calls sound
exactly like a real bank employee.
- Generate fake banking apps that look
legitimate but steal your money.
- Create deepfake videos to make scams seem
even more authentic.
- Impersonate bank officials on social media
and WhatsApp.
- Post fake reviews and news articles to make
scams seem trustworthy.
One major scam involved criminals posing as
bank employees, convincing a victim to invest in the Johannesburg Stock
Exchange through a fake banking app. Over time, they manipulated digital
communication channels to gain trust and steal R6 million.
Another scam involved a fake investment
broker with a convincing website and social engineering tactics. The
victim was reassured they could withdraw their money at any time, until
their entire R100,000 disappeared.
Even big banks like Standard Bank have
issued warnings. Scammers created a fake WhatsApp group promoting an
app called SBG SI Trader, falsely claiming connections with Standard
Bank and SBG Securities. The app was designed to steal users’ money and
sensitive data.
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How to protect yourself
AI scams are getting more sophisticated, but
there are simple ways to stay safe:
- If it sounds too good to be true, it probably
is.
- Verify before you trust – Rather contact your bank directly or visit your nearest branch.
- Only download banking apps from official app
stores, never from links sent via WhatsApp, SMS, or
email.
- Never share your PIN, OTP, or banking
passwords. Your bank will never ask for them.
- Report suspicious activity immediately to your bank or the authorities.
“These scams aren’t just affecting a handful
of people; they’re targeting everyday South Africans, draining life savings,
and eroding trust in digital banking,” warns Sabric CEO Nischal Mewalall.
AI is revolutionizing the world, but
unfortunately, criminals are using it too. Stay sharp, stay skeptical, and
always verify before you trust.
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