Arecent TransUnion survey revealed that 33% of South Africans surveyed had lost money to fraud via email, phone or text in the past year. Common scams include:
Phishing (33%). Fake emails, websites or QR codes designed to steal personal data.
Smishing (31%). Fraudulent text messages tricking users into sharing information.
Third-party scams (28%). Fraud on online retail platforms.
The consequences can be devastating. A client tragically passed away after scammers drained his account, leading to a fatal heart attack. In another case, a victim paid R1-million via EFT after receiving a fake invoice with altered banking details.
“It’s highly likely you know someone who’s been scammed,” says Bryan Leach, a wealth manager at Private Client Holdings. “Your best defence is awareness. Understanding how fraudsters operate is key to protecting your money and peace of mind.”
Most scams begin with phishing, ie fraudulent emails, texts or calls that appear legitimate and prompt you to share personal or banking details. These often link to fake websites that mimic real ones, tricking victims into handing over sensitive information.
How to protect yourself
Be skeptical of unsolicited calls. If someone calls claiming to be from your bank, hang up and call the bank directly.
Watch for urgency tactics. Scammers often pressure you to act immediately, this is a red flag.
Trust your instincts. If you feel fearful, confused or pressured, end the interaction.
Verify directly. Always confirm suspicious emails or calls with your bank or the company involved.
Examine emails carefully. Hover over the sender’s name to check the actual address. Be wary of free domains like Gmail.
Avoid clicking suspicious links. Do not open attachments or links unless you are certain that they are safe.
Be cautious of “too good to be true” offers. Free money, massive discounts or high returns with little effort are almost always scams.
Protect your data and PIN or passwords. Your bank will never request sensitive information via phone, SMS or email.
Your best defence is awareness.
Strengthen your defences
Leach advises clients to strengthen their defences to prevent financial fraud. “An Investec Corporate Cash Management (CCM) account is not only a flexible option for our clients’ regular and ad hoc payments, but the Private Client Holdings CCM team will independently verify a client’s bank details for larger transactions, providing an additional safeguard when moving funds between institutions or internationally,” says Leach.
Protect elderly family members
Older adults are often targeted due to isolation, cognitive decline or loneliness. Once scammed, they may be targeted again. “Someone who has been successfully scammed is often targeted repeatedly making it important to protect elderly family members as much as possible,” says Leach.
Tips to help protect them:
Have open conversations. Talk regularly about scams and share examples so older loved ones know what to look out for. Normalising these discussions makes it easier for them to ask for help if they feel uncertain.
Set up protective banking measures. Work with your family member’s bank to enable extra safeguards such as:
- Transaction limits.
- SMS/email alerts for transfers or withdrawals.
- Dual authorisation for large payments.
- Install digital safety tools.
- Set up antivirus and anti-phishing software.
- Spam filters and number blockers.
- Teach them how to verify links and senders.
Create a “pause and verify” routine. Encourage a simple rule:
don’t act immediately on any request for money, personal details or PIN codes. Instead, pause, call a trusted family member or contact the bank directly.
Stay involved and connected. Isolation makes older people more vulnerable. Frequent check-ins offer a safe space to share suspicious messages. Scammers lose their power when older family members feel less pressured to act alone.
