Avoiding scams and financial fraud

Scammers are becoming more sophisticated, and falling for one is never a sign of foolishness. Knowing the warning signs can protect you and the people you love.

What it is

Financial fraud and scams involve someone deceiving you to gain access to your money, bank details or personal information. In South Africa, common scams include SIM swap fraud, phishing SMS and emails pretending to be from your bank, fake job or investment offers, romance scams, and fraudulent calls claiming to be from SARS or your bank's fraud department. Scammers rely on urgency and fear, pushing you to act quickly before you have time to think it through.

Signs to notice

• You receive an unexpected message asking you to click a link, confirm your PIN, or verify your card details urgently.
• Someone offers an investment with unusually high, guaranteed returns.
• Your phone suddenly loses signal for no clear reason, which can indicate a SIM swap in progress.
• A caller claiming to be from your bank pressures you to move money to a "safe account".
• An online relationship quickly turns to requests for money or gifts.
• A job offer asks you to pay an upfront fee before you can start.

What helps

• Never share your PIN, One Time Pin (OTP), or full card number with anyone, including people claiming to be from your bank. Banks will never ask for this information.
• Pause before acting on urgent requests. Scammers create pressure on purpose, so a moment of delay to verify is a powerful defence.
• Verify independently. If you get a call or message from your "bank", hang up and phone the number on the back of your card or the official app.
• Enable extra security on your accounts, such as biometric login and transaction notifications, so you notice unusual activity quickly.
• Talk to older family members about common scams, as they are often specifically targeted.
• If you suspect a SIM swap, contact your mobile network provider and bank immediately.
• Report suspicious messages to your bank's fraud line rather than deleting them, as this helps flag the scam to others.

When to reach out for help

Reach out if you have lost money to a scam and are struggling with shame, anxiety or anger about it. These feelings are completely understandable and deserve support, not self-blame.

Getting help in South Africa

Cleared Mind's EAP counsellors can help you process the emotional impact of being scammed. Report fraud to your bank's dedicated fraud line immediately, and you can also report cybercrime to the South African Police Service. The South African Banking Risk Information Centre (SABRIC) publishes updated warnings about current scam trends.