Standard Bank Ramps Up Anti-Scam Measures

Standard Bank is taking measures to ramp up its anti-fraud initiatives and actively preventing attempted fraud by declining suspicious transactions before they can affect customers' accounts, helping to safeguard their funds. 

The bank's anti-fraud drive goes beyond just preventative measures. Standard Bank is dedicated to raising fraud awareness through an array of channels, from in-app notifications and Internet Banking banners to emails, social media campaigns, and shopping mall activations.

According to the Southern African Fraud Prevention Service (SAFPS) 2024 fraud statistics, the past year has seen a worrying 32% increase in reported fraud incidents. Banking fraud accounted for 45% of these cases, with the microfinance and retail sectors trailing at 19% and 14%, respectively.

As fraud and scams continue to escalate, it is more important than ever for consumers to be aware of threats to their finances. According to Standard Bank, threats consumers are seeing at the moment include vishing, change of banking details scams, investment scams, vehicle purchase scams, and goods scams.