THE FSCA WARNS CONSUMERS ABOUT
BANKING SCAMS

The Financial Sector Conduct Authority (FSCA) urges all financial customers to exercise vigilance and be cautious when paying for purchases either in-store or online. By doing so, you will be able keep your income, assets and investments safe from scammers.

The Authority has noted a rise in the number of alleged reported scams and fraudulent activities, experienced by financial customers. Unfortunately, many have already lost money due to compromised private and confidential information, including passwords, Personal Identification Numbers (PINs) and One-time passwords (OTPs).

Financial customers are therefore cautioned to adhere to safety guidelines communicated by banks and financial institutions, which are as follows:

  • Do not disclose confidential information such as your PIN, password and OTP when asked by any person including banking personnel. Usually, scammers will impersonate your bank and contact you via telephone, SMS or e-mail and ask you to verify your personal information. This is how they gain access to your banking information.
  • Change your PIN(s) and Password(s) regularly and never share it with anyone.
  • Report any suspicion of compromised confidential information or suspicious incidents to your bank or financial institution immediately! Rather be safe than sorry.
  • Don’t accept help from any strangers, other than verified bank personnel when using an Automated Teller Machine (ATM).
  • Frequently check your bank statements for any unauthorised transactions.
  • Verify enquiries directly with your bank and or financial institution before disclosing your personal information further.

What to do if you have been scammed or suspect a scam?

  • Report the fraud incident directly to the bank via their fraud hotline. Reverse the respective payment or stop any debit orders.
  • Report the fraudulent transaction to the company behind the money transfer for example online shopping store.
  • Update your banking log-in details.
  • Notify friends and family of the fraud so that they do not become victims of such scams.

If you feel that you have been treated unfairly or suffered loss as a result of the treatment by your bank, you can lodge a complaint in writing directly to your bank. If you are unhappy with the response received from your bank, or you have not received a response within 20 days, even after following up with your bank, you can contact the Ombudsman for Banking Services (OBSSA) provided that your complaint falls within their jurisdiction. You can log a complaint with the OBSSA here or them on call 0860 800 900. Alternatively, you can email them at info@obssa.co.za
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