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Specialised Security Services frequently warns South Africans about the sharp rise in phone scams in which fraudsters impersonate banks, the South African Revenue Service (SARS), and other government institutions.
According to the South African Banking Risk Information Centre (SABRIC), banking fraud via phone scams has increased significantly, with vishing (voice phishing) incidents contributing to millions of rands in losses annually. In one common scam, criminals pose as bank officials and claim that a victim’s account has been compromised. They then coerce them into revealing their OTP (one-time pin) or online banking credentials.
SARS-related scams have also surged, particularly during tax season, in which fraudsters trick taxpayers into providing sensitive information by falsely promising refunds or by threatening legal action.
With SSS, the Hawks and other cybersecurity experts reporting a rise in these targeted scams, South Africans must remain alert and verify suspicious calls directly with the relevant institution before disclosing any personal or banking information.
Caller ID spoofing is a prevalent tactic in South Africa, where fraudsters manipulate caller ID information
to impersonate trusted entities, such as banks or government agencies, to deceive individuals into divulging sensitive information or making financial transactions.
SURGE IN DIGITAL BANKING FRAUD:
In 2022, South Africa experienced a 24% year-on-year increase in digital banking fraud, with banking application fraud rising by 36%.
This surge is partly attributed to tactics like caller ID spoofing, where criminals impersonate bank officials to extract personal information from victims.
Criminals use technology to manipulate the caller ID, making it appear as if the call is coming from a legitimate source, such as a bank, government agency (like SARS), or a mobile service provider.
This creates a false sense of trust, making victims more likely to share sensitive information.
RISE IN IMPERSONATION FRAUD:
Impersonation fraud, often facilitated by caller ID spoofing, has escalated dramatically, with a 337% increase over the past year.
Fraudsters use stolen identities to open or take over accounts, targeting sectors such as banking and retail.
ADVANCED SPOOFING TECHNIQUES:
Fraudsters are employing sophisticated methods, including AI-generated content and deepfakes, to enhance their spoofing tactics.
These technologies allow criminals to create convincing fake identities and manipulate caller ID information, making it challenging for individuals to distinguish between legitimate and fraudulent calls.
GLOBAL CONTEXT AND AI DEEPFAKES:
Internationally, the rise of AI deepfakes has amplified the threat of caller ID spoofing.
Scammers use AI to create realistic voice clones, making their fraudulent calls more convincing.
This global trend poses significant challenges for fraud prevention efforts in South Africa as well.
IMPACT ON ENTERPRISES AND CALL CENTRES:
South African enterprises and call centres are increasingly targeted by VOIP-based attacks, including caller ID spoofing.
These attacks lead to business disruptions, financial losses, and reputational damage, underscoring the need for robust telephony security measures.
REGULATORY AND TECHNOLOGICAL RESPONSES:
To combat these threats, South African organisations are adopting advanced fraud detection technologies, such as machine learning and predictive analytics, to identify and mitigate spoofing attempts.
Additionally, there is a growing emphasis on implementing robust security protocols and employee training to enhance fraud prevention strategies.
SOCIAL ENGINEERING:
Scammers employ psychological manipulation to deceive victims into revealing personal or financial details.
They often create a sense of urgency or fear by:
Claiming there is fraudulent activity on your account.
Threatening legal action or fines.
Offering a "too good to be true" deal.
COMMON SCAM TACTICS:
SIM SWAP FRAUD:
Scammers obtain personal information and trick your mobile service provider into transferring your number to a SIM card they control.
This allows them to intercept One-Time Passwords (OTPs) and other security codes, granting them access to your accounts.
"VISHING" (VOICE PHISHING):
Scammers call pretending to be from your bank or another trusted institution, asking for personal or financial information, including OTPs.
These fraudsters often sound professional and convincing.
IMPERSONATING OFFICIALS:
Criminals pose as representatives from SARS, the police, or other government agencies to intimidate victims into paying money or providing sensitive information.
They may threaten arrests, fines, or other legal consequences to coerce victims into compliance.
HOW CRIMINALS DO IT:
TECHNOLOGY:
Fraudsters use readily available software and online services to spoof caller IDs.
They employ sophisticated techniques to gather personal data from various sources, including social media and data breaches.
INFORMATION GATHERING:
Scammers collect personal details to make their fraud schemes more convincing.
Information often comes from social media, leaked databases, or phishing attempts.
NOTABLE INSTANCES AND TRENDS:
VODACOM REWARDS CENTER SCAM:
A consumer lost R25,000.00 to scammers who, using caller ID spoofing, posed as representatives from the "Vodacom Rewards Center."
The fraudsters convinced the victim that she had won prizes, including a smartphone and cash, but required upfront payments to claim them.
The caller ID displayed "Vodacom Rewards Center," making the scam appear legitimate.
STANDARD BANK VISHING ALERT:
Standard Bank has warned customers about an increase in "vishing" scams, where fraudsters spoof the bank's official number to extract confidential information.
These criminals often claim there's an urgent issue with the customer's account, pressuring them to divulge personal details.
Standard Bank and all of the other major banks and institutions emphasise that they would never request sensitive information over the phone.
SOUTH AFRICA'S HIGH SPAM RATE:
South Africa ranks among the top countries globally affected by spam calls, with Truecaller reporting an average of 25.2 spam calls per user per month in 2019.
A significant portion of these are scam-related, many employing caller ID spoofing to appear as legitimate entities.
TELECOMMUNICATIONS FRAUD SURGE:
In 2023, 15.5% of all suspected digital fraud attempts in South Africa targeted the telecommunications industry, marking a 78% increase from the previous year.
This rise underscores the growing prevalence of tactics like caller ID spoofing to deceive consumers.
SIM SWAP FRAUD:
Fraudsters often combine caller ID spoofing with SIM swap techniques to gain control over victims' phone numbers, enabling them to intercept banking OTPs and execute unauthorised transactions.
The South African Banking Risk Information Centre (SABRIC) reported a 25% increase in SIM swap fraud cases, with average losses per incident estimated at R10,000.00.
PROTECTIVE MEASURES:
To combat these scams, organisations like the South African Fraud Prevention Service (SAFPS) have launched platforms such as Yima (https://www.yima.org.za/), designed to help the public report scams, protect personal information, and educate users on scamming tactics and prevention measures.
SAFETY MEASURES AGAINST THESE SCAMS:
BE SUSPICIOUS OF UNSOLICITED CALLS:
Never provide personal or financial information over the phone unless you initiated the call and are certain of the caller's identity.
VERIFY CALLER IDENTITY:
If you receive a suspicious call from a bank or another institution, hang up and call the official number listed on the bank's official website or your bank statement to verify the claim.
PROTECT PERSONAL INFORMATION:
Be cautious about sharing personal details online and on social media.
Use strong, unique passwords for your online accounts.
BE WARY OF URGENT REQUESTS:
Scammers often create a sense of urgency to pressure victims into making hasty decisions. Take time to verify any claims before taking action.
NEVER SHARE OTPs:
Never share One-Time Passwords (OTPs) or other security codes with anyone over the phone or online.
STAY INFORMED:
Stay updated on the latest scams and fraud prevention strategies. Awareness is key to avoiding scams.
REPORT SUSPICIOUS ACTIVITY:
If you suspect a scammer has targeted you, report it immediately to your bank, mobile service provider, or Specialised Security Services.
Specialised Security Services invites the public to the Mike Bolhuis Daily Projects WhatsApp Channel.
This channel is important in delivering insights into the latest crime trends, awareness, warnings and the exposure of criminals.
How to Join the WhatsApp Channel:
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CONTACT MR MIKE BOLHUIS FOR SAFETY AND SECURITY MEASURES, PROTECTION, OR AN INVESTIGATION IF NEEDED.
ALL INFORMATION RECEIVED WILL BE TREATED IN THE STRICTEST CONFIDENTIALITY AND EVERY IDENTITY WILL BE PROTECTED.
Regards,
Mike Bolhuis
Specialist Investigators into
Serious Violent, Serious Economic Crimes & Serious Cybercrimes
PSIRA Reg. 1590364/421949
Mobile: +27 82 447 6116
E-mail: mike@mikebolhuis.co.za
Fax: 086 585 4924
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