The Scams Costing South Africans Millions, and How to Stop Them

THE PULSE PILLAR GUIDE Safety Series

Thepulse

The most common scams in South Africa, the warning signs to watch for, how to protect your money and what to do if you are targeted.

Scammers are quick, convincing and always changing their tricks. They target grant recipients, job seekers, pensioners, small businesses and online shoppers, and they work through phone calls, SMS, WhatsApp, email and social media. Anyone can be fooled, regardless of age or education. This guide explains the most common scams in South Africa, the warning signs and what to do if you are targeted.

Five rules that stop most scams

Never share your PIN, password or one-time PIN (OTP). Real banks and companies never ask for them, even if the caller sounds professional.
Slow down. Scammers create urgency: "act now", "your account will be closed", "offer ends today". Pressure is the main warning sign.
Never pay to receive money. Genuine grants, jobs and prizes do not ask for upfront fees.
Verify independently. End the call and phone the organisation using a number from its official website or your bank card, not one given by the caller.
If it sounds too good to be true, it is. Guaranteed high returns, easy money and secret offers are classic bait.

The most common scams

1. Fake grant "agents"

Fraudsters claim they can speed up a SASSA grant application, or "unlock" a payment, for a fee. SASSA services are free, and applications are made directly with the agency. Never hand your ID, bank card or PIN to anyone claiming to help. See our reports on SASSA payment dates for official information.

2. Phishing SMS, email and WhatsApp

Messages that look like they come from your bank, SARS, a courier or a government department, asking you to click a link or "verify" details. The links lead to fake websites that steal your login. Check the sender, look for spelling mistakes and do not click. Open your banking app or type the website address yourself.

3. Fake job offers

Adverts promising easy work, high pay or overseas jobs, then asking for fees for "training", "uniforms", "medicals" or "visas". Legitimate employers do not charge applicants. Research the company, and be wary of offers that come through WhatsApp from unknown numbers.

4. Investment and crypto schemes

Promises to double your money in days or earn fixed high returns with no risk. Many are Ponzi or pyramid schemes, which pay early investors with money from new ones until they collapse. Check whether the company and adviser are registered with the Financial Sector Conduct Authority (FSCA) before you invest. Our guide to building wealth explains safer routes.

5. SIM swap fraud

Criminals trick your mobile provider into moving your number to a new SIM, then intercept bank OTPs. Warning sign: your phone suddenly loses signal for no reason. Contact your provider and bank immediately. Protect yourself by never sharing personal details by phone with strangers.

6. Fake "proof of payment" and overpayment scams

A buyer sends a screenshot showing a payment, and you release the goods. The money never arrives. Always check that funds have cleared in your own account, not just a screenshot. Beware of buyers who "accidentally" overpay and ask for the difference back.

7. Online marketplace and delivery scams

Fake sellers advertise attractive prices and demand payment upfront, or "courier fees" to release a parcel. Use trusted platforms, prefer payment methods with buyer protection and meet in safe public places for collections.

8. Romance scams

Someone builds an emotional relationship online, then asks for money for an emergency, a flight or a customs fee. Never send money to someone you have not met in person.

9. Impersonation and "bank official" calls

A caller claims to be from your bank's fraud department and asks you to move money to a "safe account" or share your OTP. Banks do not do that. Hang up and call your bank directly.

Protecting your bank account

Use your bank's official app, and keep your phone's software updated.
Set transaction limits that match how you actually use your account.
Turn on transaction notifications so that you see activity immediately.
Use strong, unique passwords and do not reuse them across sites.
Be careful on public Wi-Fi, and do not bank on shared devices.
Never lend your card or let someone "help" you at an ATM.

If you have been scammed

Contact your bank immediately, using the number on your card, to block cards and try to stop or reverse payments. Speed matters.
Change your passwords and PINs, starting with your email and banking.
Contact your mobile provider if you suspect a SIM swap.
Report to the police and get a case number, since banks and insurers often ask for one. You can also report fraud to the South African Banking Risk Information Centre (SABRIC) and, for investment fraud, to the FSCA.
Keep evidence: screenshots, messages, receipts and phone numbers.
Do not be ashamed. Scammers are professionals. Reporting protects others.

Frequently asked questions

Does SASSA charge to apply for a grant?

No. Applications are free, and no one needs to be paid to speed up a grant.

Will my bank ever ask for my PIN or OTP?

No. Never share them with anyone, including people who claim to work for your bank.

How can I check if an investment company is legitimate?

Check that the company and adviser are registered with the FSCA, and be suspicious of guaranteed returns.

Can I get my money back after a scam?

Sometimes, particularly if you act quickly and tell your bank at once. There is no guarantee, so prevention is the best defence.

Join the conversation

Have you seen a scam recently? Describe it in the comments, without sharing personal details, so other readers can recognise it. Share this guide with a family member who may be at risk.

Read next in the Pulse Pillar Series: Medical aid, hospital plan or gap cover and AI at work in South Africa.

Never miss a major story. Get breaking news and the latest developments from South Africa and beyond as they happen.

Source: ThePulse