Consumer advocate Wendy Knowler has raised concerns about the growing number of banking scams targeting South Africans. In 2025, the country lost a staggering R2.4 billion to these scams. Knowler emphasized the importance of protecting loved ones from falling victim to these scams. She advises individuals to be cautious when dealing with their financial information and to verify the authenticity of any requests or transactions.
Knowler's warning comes as a recent survey revealed that many South Africans are unaware of the risks associated with banking scams. The survey found that a significant number of individuals are vulnerable to scams due to a lack of knowledge about online security and financial transactions. Knowler stressed that education and awareness are key to preventing these scams and protecting people's financial well-being.
The South African banking industry has also taken steps to combat banking scams. Banks have implemented various security measures, such as two-factor authentication and advanced fraud detection systems. However, despite these efforts, scammers continue to find new ways to deceive their victims. Knowler urged individuals to remain vigilant and to report any suspicious activity to their banks or the authorities.
In addition to being cautious online, Knowler advised individuals to be mindful of their surroundings when using ATMs or banking services. She recommended that people cover their PINs when entering them and to be aware of anyone lurking nearby. By taking these simple precautions, individuals can significantly reduce their risk of falling victim to a banking scam.
The R2.4 billion lost to banking scams in 2025 is a significant increase from previous years. Knowler attributed this increase to the growing sophistication of scammers and the increasing reliance on online banking. She emphasized that it is essential for individuals to stay informed about the latest scams and to take steps to protect themselves.
The South African government has also taken notice of the growing problem of banking scams. Authorities have established a task force to investigate and prosecute those responsible for these scams. Knowler welcomed this move, but stressed that more needs to be done to prevent these scams from occurring in the first place.
To prevent further losses, Knowler recommended that individuals take steps to protect themselves, such as using strong passwords, monitoring their accounts regularly, and being cautious when receiving unsolicited requests for financial information. By taking these precautions, individuals can help to prevent banking scams and protect their financial well-being.
Key points
- South Africans lost R2.4 billion to banking scams in 2025.
