In today’s world, fraud doesn’t always mean someone breaking into your account. It often means someone, increasingly using AI, tricking you into taking an action that gives them access. This may include clicking a link, sharing a password or paying a fake invoice.
Scammers usually have one of two goals:
- Get your money directly by manipulating you into transferring funds, providing card details or logging into fake sites
- Gain access to your personal information by planting malware on your phone or computer, which they can use to impersonate you or access your accounts over time
In this newsletter, we give you 10 practical defences based on what’s working, current scam trends and the key risks facing South Africans today.
1. Don’t Take the Bait: Spot Common Scam Types
Scams take many shapes, but the goal is the same: to trick you into handing over access or money. Knowing the common types gives you the edge.
What to watch for:
- Phishing, smishing, vishing: Emails, texts or calls pretending to be from banks or SARS
- False investments: Crypto or property schemes offering high returns
- Upfront fees: Pay a “small release fee” for a large reward — which never arrives
2. Beware of AI-Powered Phishing Emails
A phishing email is a fake email or SMS that looks like it’s from your bank, investment institution or SARS, but it’s from a scammer. It tries to trick you into clicking a link, opening an attachment or giving away your login details. Phishing emails used to be filled with spelling errors. Now, AI writes them to perfection.
Example:
You receive an email saying your SARS refund is ready — it looks professional and uses the correct branding. The link takes you to a fake site that collects your banking login info.
What to do:
- Always check the sender’s email address, not just the display name
- Never click on links or download attachments unless you are expecting them
- SARS will never ask for personal information via email or SMS
3. Question the Contact
Scammers often disguise phone numbers and email addresses. Just because a call or email appears to come from a familiar organisation doesn’t mean it’s genuine.
Example:
You get an SMS from a number that looks like your bank’s. It says your account is under threat and asks you to call a number or click a link.
What to do:
- Don’t use the contact info they give you
- Search for the official number yourself and call to verify
- Never trust the number or address at face value
4. Think Before You Click
The most common scam entry point is a link — sent via email, SMS or WhatsApp — that installs malware or takes you to a fake site. Rushing increases your risk.
Example:
An email from “FNB Secure” asks you to verify a transaction. You click the link and log in — handing your details to scammers.
What to do:
- Always pause before clicking
- Type known website addresses manually instead of clicking links
- If something feels urgent or threatening, it’s probably a scam tactic
5. Don’t Trust Phone Calls Alone – Voice Cloning Can Fool You
AI can now clone someone’s voice using as little as 10 seconds of audio. Scammers use this to impersonate loved ones, colleagues or officials — often creating panic or urgency to push you into sharing sensitive information.
Example:
Your spouse receives a call from someone who sounds exactly like your son. He says he’s been mugged while travelling, has no access to his cards or phone, and urgently needs money to get to safety. The voice is identical — but it’s not him. It’s a scammer using AI voice cloning based on public audio, and cases like this are becoming increasingly common.
What to do:
- Don’t entertain scammers on the phone – they can record you to clone your voice
- If you get an emotional or urgent call, call the person back on their known number
- Don’t share personal or banking information based on voice alone
- Use agreed code phrases with family or staff for verification
6. Fake Videos Are Getting Smarter – Know the Signs
Criminals now use AI to create fake videos or images that look real — including people you know. These are called deepfakes. They can be used to spread false messages or get you to take financial action.
Example:
You receive a video via WhatsApp that appears to show a well-known SARS spokesperson announcing a new refund process, with a link to “claim your rebate today.” The voice and face look authentic — but it’s a deepfake video created by scammers. The link takes you to a fake site designed to steal your banking details.
What to do:
- Don’t trust unexpected videos, even if they show familiar faces
- Deepfakes often show strange mouth movements or unnatural blinking
- Verify the message with the real person through another method
7. Lock Down Your Secrets
Scammers don’t need full access to your account — just your one-time PIN or login details. Sharing these gives them the keys.
Example:
A caller claims to be from SARS or your bank and asks you to “verify” your OTP for a refund. This is how they bypass security.
What to do:
- Never give your PIN, password or OTP to anyone
- No legitimate organisation will ever ask for this
- If someone insists — hang up and report it
8. Stay Scam-Smart While Shopping Online
Scammers have set up entire fake shops online — often advertising heavily on social media with massive discounts.
Example:
You find a website offering MacBooks for half price. You pay — but the website vanishes shortly thereafter.
What to do:
- Stick to well-known retailers or verified platforms
- Look for https:// in the web address and a padlock icon
- Avoid paying via EFT or crypto — use traceable payment options like credit cards
9. Fake Websites Look Real – Check the Details
Modern scam websites use logos, fonts and wording copied from the real thing — making them hard to spot at a glance.
Example:
You search for your bank online and click the first result. The site looks exactly like the real thing — logos, layout and wording all match. But the URL is absa-securelogin.com instead of absa.co.za. It’s a scam site designed to collect your login details
What to do:
- Check for spelling errors or small domain variations
- Click the padlock icon in the address bar to verify the security certificate
- Avoid websites that ask for card info too quickly or lack an “About” page
10. Keep Your Devices & Accounts Secure
You can follow all the tips above — but if your phone or computer is infected with malware, scammers still win.
Example:
You open an email attachment titled “invoice.pdf” from an unknown sender. It installs spyware that tracks your keystrokes.
What to do:
- Use strong passwords and change them regularly
- Update your antivirus and operating system frequently
- Avoid public Wi-Fi for financial activity unless using a VPN
Final Tip: When in Doubt, Don’t Act
It’s better to pause and verify than to act and regret. If something doesn’t feel right — speak to us, your bank or a trusted person first.
How to Vet a Financial Advisory Firm
With financial scams becoming more sophisticated, it’s essential to verify who you’re dealing with — especially when it involves large investments, retirement planning or tax-related matters. Here’s how to assess a financial advisory firm before you engage:
- Check for FSCA Authorisation
Make sure the firm is a licensed Financial Services Provider (FSP) registered with the Financial Sector Conduct Authority (FSCA). You can verify this on the FSCA’s official website. - Look for Transparent Structures
A reputable firm will clearly display its FSCA number, fee structures, investment process and advisory credentials — not hide them in fine print. - Expect a Proper Advice Process
You should never be pressured into investing. A credible financial planner will first assess your goals, explain your options clearly and provide formal documentation before you commit. - Ask About Platform Security
Find out which investment platform/s your funds will be held on and ensure it’s a recognised institution with strong cybersecurity and third-party oversight. - Confirm a Physical Presence
Reputable firms will have a registered office, a professional team and be willing to meet in person or via secure video. Avoid “advisers” who only communicate by Facebook, email or WhatsApp.
Why Clients Choose Investonline
At Investonline, we are a licensed, independent wealth advisory firm working with South Africans nationally and abroad. Our process is structured, transparent and fully compliant with FSCA regulations.
All investment transactions are conducted through secure, licensed platforms — with full documentation and client control.
