AI-powered banking scams are on the rise in SA

Updated March 25, 2025, 5:41 a.m. | By East Coast Breakfast / Skyye Ndlovu

SABRIC warns consumers about the rise in AI-powered banking scams after a South African lost 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 a 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.

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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 all 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 – 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 revolutionising the world, but unfortunately, criminals are using it too.

Stay sharp, stay sceptical and always verify before you trust.