The South African Banking Risk Information Centre (SABRIC) has issued a stark warning to all banking customers about a disturbing trend: the rise of artificial intelligence (AI) in criminal activities, with many individuals falling victim to scams that have cost them millions.
As technology becomes increasingly advanced, the line between legitimacy and deception is growing ever thinner, leaving consumers vulnerable to manipulation, reports Cape {town} Etc.
SABRIC has reported that criminals are now utilising AI to masquerade as banks, financial officials, and legitimate institutions across a range of digital platforms.
‘This is making it increasingly difficult for consumers to distinguish between legitimate and fraudulent communications,’ the centre stated in its advisory.
Collaboration is key as SABRIC works alongside banks, law enforcement agencies, and regulatory bodies to combat fraud and educate the public about emerging threats.
However, the latest wave of scams poses a serious challenge, as perpetrators employ sophisticated techniques like deepfake videos, voice cloning, and AI-driven chatbots to create highly convincing impersonations of bank representatives.
One particularly disturbing trend is the proliferation of fake investment applications and fraudulent social media campaigns, the centre said.
‘Standard Bank has raised an alarm over a scam involving a fraudulent WhatsApp group promoting SBG SI Trader, a bogus investment app designed to siphon off personal data and funds.
‘This impostor app falsely claimed to be connected to Standard Bank and SBG Securities, even referencing an actual employee and the bank’s license from the Financial Sector Conduct Authority (FSCA) to lend a false sense of credibility,’ SABRIC said.
Amid such alarming tactics, the bank has urged customers to exercise extreme caution regarding messages via social media, emails, or phone calls requesting personal details.
SABRIC has echoed these concerns, revealing that scams are extending beyond fake banking applications: criminals are also impersonating bank officials on social media, generating deceitful reviews and endorsements, and even crafting fake news articles designed to ensnare victims.
SABRIC CEO Nischal Mewalall has underscored the seriousness of the situation, warning that AI’s capabilities are becoming so advanced that even the most cautious individuals can be duped.
‘AI-driven scams are now so advanced that even the most vigilant person can be fooled. Criminals can fake voices, emails, and even entire apps. The only way to stay safe is to verify before you trust,’ he cautioned.
In an era where scams are becoming more sophisticated, here are vital steps to help protect yourself:
- If it sounds too good to be true, it probably is: Exercise caution with offers that promise guaranteed financial returns.
- Always use official app stores: Never download apps from links sent via WhatsApp, SMS, or email.
- Verify before you trust: If you receive a communication from someone claiming to be from your bank, hang up and call the official number.
- Keep your information private: Banks will never ask for your PIN, OTP, or banking passwords.
- Report suspicious activities: Always contact your bank if you suspect fraudulent activity.
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Picture: Cape Town Etc Library
