Quick Facts

• Digital banking fraud increased by 86% in 2024
• South Africans lost R1.888 billion to online banking scams in 2024
• Banking apps are the main target (65% of all fraud)
• SIM swap fraud accounts for 60% of mobile banking fraud

Why Online Banking Security Matters

Online banking makes life easier. You can pay bills, send money, and check your balance from your phone or computer. But criminals are getting smarter. They use tricks to steal your money and personal information.

The numbers are shocking: In 2024, digital banking fraud jumped by 86%. South Africans lost nearly R2 billion to online banking scams. That’s money stolen from people just like you.

The good news? You can protect yourself. This guide shows you simple steps to keep your money safe when banking online.

✅ Bottom Line Up Front

To keep your money safe when banking online:

• Never share your password, PIN, or OTP (one-time PIN) with anyone
• Banks will never ask for these details by phone, email, or SMS
• Use strong passwords and turn on two-factor authentication
• Don’t use public WiFi for banking
• Check your bank statements every week
• If something feels wrong, call your bank immediately

🚨 Common Threats in South Africa (2025)

Here are the most common ways criminals try to steal your money:

1. SIM Swap Fraud

What it is: Criminals get a new SIM card with your phone number. Then they receive all your SMS messages, including banking codes.

How it happens:

• They trick you into giving personal information
• They use fake documents to visit your mobile network provider
• They activate a new SIM with your number
• Your phone suddenly has no signal
• They access your bank account using OTPs sent to your number

Warning signs: Your phone suddenly loses signal for no reason. You get messages about SIM changes you didn’t request.

2. Phishing (Fake Emails)

What it is: Criminals send fake emails that look like they’re from your bank. They trick you into clicking links or sharing information.

Red flags:

• Email doesn’t use your name (says “Dear Customer”)
• Spelling and grammar mistakes
• Urgent tone: “Act now or your account will be closed!”
• Asks you to click a link to verify details
• Sender email looks odd (e.g., standardbank@gmail.com)

3. Vishing (Phone Scams)

What it is: Someone phones you pretending to be from your bank, the police, or SARS.

What they do:

• Say there’s suspicious activity on your account
• Create urgency: “We need to act fast!”
• Ask for your PIN, password, or OTP
• Request you to move money to a “safe account”

4. Smishing (SMS Scams)

What it is: Fake text messages with links to harmful websites.

Example: “Your parcel is ready. Click here to schedule delivery.” But you never ordered anything!

5. Malware (Harmful Software)

What it is: Software that steals your information when you type on your phone or computer.

How you get it: Clicking suspicious links, downloading fake apps, or visiting fake websites.

Essential Security Best Practices

1. Never Share Your Banking Details

Never share these with anyone:

• Your banking password or PIN
• OTP (one-time PIN) sent to your phone
• Full card number and CVV (3 digits on back)
• Online banking security questions and answers

2. Check Your Bank Statements Regularly

Check your bank account at least once a week. Look for:

• Payments you didn’t make
• Strange amounts going out
• Payments to shops you’ve never visited

If you see something odd, call your bank immediately!

3. Avoid Public WiFi for Banking

Free WiFi at malls, airports, and cafés is convenient. But it’s not safe for banking.

Why? Criminals can see what you’re doing on public WiFi. They can steal your passwords.

Better option: Use your mobile data for banking. It’s much safer.

4. Keep Your Phone and Computer Safe

• Install updates when your phone or computer asks
• Use antivirus software on your computer
• Lock your phone with a PIN, fingerprint, or face recognition
• Don’t let strangers handle your phone
• Only download apps from official app stores

5. Be Careful with Links and Attachments

• Don’t click links in emails from people you don’t know
• Don’t open attachments unless you’re expecting them
• Before clicking any link, hover your mouse over it to see where it really goes
• Type your bank’s website address yourself – don’t click email links

✅ Strong Passwords & Two-Factor Authentication

Creating Strong Passwords

A strong password should:

• Be at least 12 characters long
• Mix uppercase and lowercase letters
• Include numbers and symbols (!, @, #, $)
• Not be easy to guess (don’t use your name, birthday, or children’s names)
• Be different for each account (don’t use the same password everywhere)

Bad passwords:

• password123
• yourname2025
• 12345678
• Your ID number

Better passwords:

• Br@ai$afeM0ney!2025
• MyK1ds@r3$afe#Jo

Turn On Two-Factor Authentication

What is it? Two-factor authentication (also called 2FA or multi-factor authentication) adds an extra layer of security.

How it works:

1. You enter your password
2. The bank sends a code to your phone
3. You enter that code to log in

Even if someone steals your password, they can’t log in without the code sent to your phone!

Biometric Authentication

Many banking apps now let you use:

• Fingerprint: Quick and secure
• Face recognition: Your face unlocks the app

These are very safe. Turn them on if your phone has these features!

How to Recognise Common Scams

Scam Type	Warning Signs	What To Do
Phishing Email	• Doesn’t use your name • Spelling mistakes • Urgent tone • Suspicious sender address	Don’t click any links. Delete the email. Contact your bank directly.
Phone Call (Vishing)	• Asks for PIN or password • Creates panic • Pressures quick action • Requests OTP	Hang up immediately. Call your bank using the number on your card.
SMS (Smishing)	• Unexpected parcel delivery • “Click here to claim prize” • Bank account problem • Shortened links (bit.ly)	Don’t click links. Delete the SMS. Report to your bank.
SIM Swap	• Phone loses signal suddenly • SMS about SIM changes • Can’t make calls • Twin SIM notifications	Call your bank AND mobile provider immediately using another phone.

⚠️ Mobile Banking Safety Tips

Protecting Your Banking App

• Download official apps only: Get your bank app from Google Play Store or Apple App Store – nowhere else
• Enable app lock: Use fingerprint or face recognition to open your banking app
• Turn on notifications: Get SMS or push notifications for every transaction
• Update regularly: Install app updates when available
• Don’t save passwords: Don’t let your phone remember your banking password

If Your Phone is Stolen

Act immediately! Every second counts:

1. Call your bank to block your banking app (use another phone)
2. Call your mobile provider to block your SIM
3. Report the theft to the police (SAPS)
4. Change all your banking passwords on a computer

Public Places Safety

• Don’t show your screen when entering PINs
• Cover the keypad at ATMs when typing your PIN
• Be aware of people standing too close (“shoulder surfing”)
• Never let strangers “help” you at an ATM
• If someone approaches you at an ATM, cancel your transaction and leave

🚨 What To Do If You’re a Victim of Banking Fraud

Act immediately! Time is critical:

Step 1: Contact Your Bank (Within Minutes)

Call your bank’s fraud hotline immediately:

• Standard Bank: 0800 020 600
• ABSA: 0860 557 557
• FNB: 087 575 9404
• Nedbank: 0800 110 929
• Capitec: 0860 102 043
• Discovery Bank: 0800 07 96 97

Tell them exactly what happened. They will block your account to prevent more losses.

Step 2: Change All Your Passwords

Once your bank secures your account, change your passwords for online banking and any other accounts that use the same password.

Step 3: Report to the Police (SAPS)

Go to your nearest police station and open a case. Get a case number. You’ll need this for:

• Your bank’s investigation
• Possible insurance claims
• Credit bureau reports

Step 4: Contact Additional Organisations

Organisation	Contact	Purpose
SAFPS (Fraud Prevention)	011 867 2234 083 123 7226	Report fraud, protect your identity
TransUnion (Credit Bureau)	0861 886 466	Check if someone opened accounts in your name
Experian (Credit Bureau)	0861 105 665	Credit report check
Your Mobile Provider	Vodacom: 082 135 MTN: 135 Cell C: 140	Report SIM swap fraud, secure your number

Step 5: Document Everything

Keep records of:

• All phone calls (dates, times, who you spoke to)
• Emails and messages
• Bank statements showing fraudulent transactions
• Police case number
• Any other evidence

Additional Security Tips

Safe Internet Browsing

• Check the website address: Make sure it starts with “https://” (the ‘s’ means secure)
• Look for the padlock: You should see a padlock icon next to the website address
• Type the address yourself: Don’t click links in emails
• Beware of lookalike websites: standardbank.co.za is real, standardbenk.com is fake

Social Media Safety

• Don’t share personal information (ID number, phone number, address)
• Don’t post about big purchases or how much money you have
• Be careful about sharing your location
• Check privacy settings regularly
• Don’t accept friend requests from people you don’t know

Email Safety

• Your bank will never email asking for passwords or PINs
• Banks won’t send account statements with links to click
• If unsure, call your bank using the number on your card
• Don’t reply to suspicious emails
• Use spam filters and report phishing emails

Regular Security Checks

Do these things every month:

1. Check all your bank statements for strange transactions
2. Review linked devices on your banking app (remove old phones)
3. Update your phone and computer software
4. Change your passwords (at least every 3 months)
5. Check your credit report (free once per year from each bureau)

🛡️ New Protection for South Africans (2025)

Good news! South African banks must now follow stricter security rules. Since June 2025, banks must:

• Have strong cybersecurity systems in place
• Monitor for threats 24/7
• Report security problems immediately
• Protect your data better
• Train staff to spot fraud

This is part of the new Cybersecurity and Cyber Resilience Requirements law. It makes your money safer!

Online banking is safe if you follow these rules:

• Never share your PIN, password, or OTP with anyone – not even if they say they’re from the bank
• Use strong passwords and turn on two-factor authentication
• Check your bank statements every week
• Don’t use public WiFi for banking
• Keep your phone and computer updated
• Be suspicious of urgent messages asking for information
• If something feels wrong, it probably is – call your bank immediately

Remember: Criminals are smart, but you can be smarter. Stay alert, follow these tips, and protect your hard-earned money!

If you suspect fraud, every second counts. Call your bank immediately – don’t wait!