Virtual Banking Fraud Surge – Phishing Scams

Online Scams Surge in 2025 as Cybersecurity Becomes Everyone’s Concern

As we pass the midway mark of the year, a new wave of online scams is making it harder for internet users to safeguard their data and finances.

Impersonation scams, especially those pretending to be from SARS, are costing victims thousands of rand as cybercriminals perfect the art of fraudulent communication.

For individuals, this means greater vigilance, while for businesses and technology resellers, it signals a growing market for solutions that can help protect customers from the latest threats.

Let’s take a look at the most recent scams doing the rounds online, and how you can stay safe.

Virtual banking fraud is surging

According to the National Financial Ombud, South Africa has seen a 73% year-on-year increase in virtual banking fraud.

Criminals are gaining unauthorised access to banking apps, creating virtual cards, and draining accounts before victims even realise what’s happening.
In one case, a consumer lost R500 000 after being tricked into approving fraudulent transactions: a stark reminder that technically authorising a payment, even under false pretences, can leave you without recourse.

Tax season brings fresh opportunities for scammer

Fraudsters are taking full advantage of tax season, sending SMSes, emails, and WhatsApp messages claiming that their victims owe SARS money or are due a refund.

Many of these messages contain links, QR codes, or attachments that lead to phishing sites designed to steal banking or eFiling credentials.
Some use intimidation, threatening so-called penalties or legal action to pressure a quick payment.
Others mimic SARS or a major bank’s branding so closely that even savvy users can be caught off guard.

Cybersecurity is no longer optional

In an environment where scams are growing more convincing, secure cloud storage and advanced cybersecurity tools are becoming essential.

Platforms with built-in encryption, ransomware protection, and phishing-resistant authentication can stop criminals from accessing sensitive data, even if a scam email slips through the company’s detection system.

Five practical safeguards to prevent losses due to scams

These tips should form the foundation of any company’s basic cybersecurity awareness strategy, and they work very well for individuals too.

Never click on links or scan QR codes from unsolicited messages
Confirm tax or payment requests directly with SARS or your bank
Use secure cloud storage with encryption and access controls to safeguard your data
Enable multi-factor authentication on all accounts
Educate your staff and family members regularly on scam tactics

A growing opportunity for resellers

For cybersecurity and cloud storage resellers, this surge in online fraud is more than just a warning. It’s a growing business opportunity.

Businesses and individuals are actively seeking tools that protect data, block phishing, and secure remote access, and we’re proud to offer an extensive range of solitons that do just that.

Through Soteria’s affiliate programme, resellers can offer customers solutions such as encrypted cloud storage, secure file sharing, automated backups, and phishing-resistant authentication, all designed to prevent the kind of breaches making headlines.

By positioning yourself as a trusted partner in data security, you can meet a growing need, build recurring income, and help clients sleep easier at night.

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Alarming Surge of Phishing Scams – Online Security

Phishing Scams on the Increase – with Discovery Bank Raising the Alarm

Phishing scams are nothing new to South African internet users, with this common form of cybercrime first surfacing in the early 2000s. Recently, however, both the sophistication and volume of these attacks have surged, catching out even seasoned tech users.

In this article, we’ll take a closer look at the evolution of phishing scams in our local context, unpack what characterises the latest wave of scam emails, and share a few practical tips for keeping your network secure.

A new generation of phishing scams

Phishing attacks are evolving from simple deceptive emails to sophisticated, remote-access scams, using platforms like social media ads to trick users into granting fraudsters control of their banking apps.

Every successful act of fraud requires a clever deception, and cybercriminals always seem to have new strategies at hand to fool unsuspecting internet users. Here are some of the latest phishing scams doing the rounds.

Fake travel deals

Discovery Bank warned customers about fraudulent airline ads on social media that promise enticing flight deals. When a user clicks on the link in the ad they’re directed to fake “travel agent” sites prompting them to install a bogus airline app. Once installed, this software grants scammers remote access to the device to intercept banking session activity.

Remote-access vishing

Vishing, a term that describes voice-delivered acts of fraud, is also on the rise. The latest variant involves remote-desktop scams, where fraudsters pose as bank fraud reps or travel agents, contacting unsuspecting targets online, setting up calls, and guiding their victims to install software that allows the hackers to control their PCs and approve transactions.

Bank fraud department impersonators

A number of banks have highlighted a sharp increase in vishing attackers sending their victims SMS messages about FICA issues.

These communications are then followed up with calls, with criminals posing as bank staff and pressuring victims to approve app authorisations and load new beneficiaries on their accounts.

This is a breeding ground for unauthorised transactions and can cost a fortune in damages before the bank shuts the scam down.

What’s behind the current trend

The current uptick in phishing and vishing scams points to 3 weak points in internet users’ vigilance – both on an individual and institutional level – that hackers are only too happy to exploit.

Exploitation of human trust. A study by SABRIC in 2024 emphasises that criminals are targeting emotional triggers like urgency and trust, not only tech vulnerabilities.
Unexpected vectors. The latest scams use social media, phone, SMS, and fake apps to deliver fraudulent messages, going beyond traditional phishing emails which automatically arouse suspicion.
Big Payoffs for Breaches. By gaining remote access, attackers can control devices live and bypass OTP safeguards before victims have a chance to suspend their banking and other services.

Tips to stay safe online

With the wave of phishing attacks rising rapidly, businesses and their teams will need to be extra vigilant in the face of any unexpected communications. This advice also applies to individuals and families, and provides an opportunity for people of all ages to learn the skills that will help them stay safe online.

Here are some tactics that will help keep phishing scams at bay.

Book via official sites. Tread carefully when responding to social media promos and verify airline/travel sites directly.
Decline remote support. Never install screen-sharing or remote-control apps at someone else’s request.
Verify calls and SMSs. Banks won’t ever send you a FICA SMS and call you to approve payments. Always confirm bank communications via official channels .
Check URLs. You can use tools like SABRIC’s YIMA to validate website authenticity.

Taking precautionary measures against phishing attacks may help you to prevent a data loss incident, but it’s no guarantee. To be certain that your sensitive data is safe, you’ll need a cutting edge secure backup solution.

Recover your data in 15 minutes or less

When you find yourself in the crosshairs of a cyberattack or phishing attempt, mitigation and recovery become your top priorities.

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Don’t be a Victim | Online Cyber Scams

Don’t be a Victim to Online Cyber Scams in 2023

February is here, and already 2023 is shaping up to be a great year – especially for cybercriminals.

From blackmail to dark web posts about ransomware victims and even fake data leak reports, bad actors are making it harder than ever to stay safe online.

Drawing on insights from recent reports by Kaspersky and the South African Banking Risk Information Centre, let’s take a look at some of the newest cyber scams affecting businesses and families in SA.

cybercriminals keep getting sneakier

Two of the biggest online crime trends of the year are already emerging: data blackmail and fake hack reports.

Ransomware perpetrators have taken to blogging about their latest victims on the dark web, with countdowns to the ransom payment date and stolen data auctions becoming the norm.
If you choose to pay the ransom (experts say you shouldn’t) your data may still be sold online by cybercriminals looking to double their payday.

Another worrying trend is fake hack leaks, whereby someone claims to have hacked your website and spreads the word via social media.

This can cause reputational damage to your business and panic your employees, with hackers paying close attention to your response to guess how soft a target your business might be.

company email accounts are a prime target

Be careful what you sign up for using your company email – you could be opening the door to hackers.

Third party sign in safety has been all over the news lately, with Facebook one of the many companies to fall prey to serious cybersecurity threats.
Wherever you sign up or sign in, you’re unlocking the door – and you never know who will sneak in.

As a rule, it’s best to limit the services you sign up for with your company email and only deal with well-known e-commerce providers. If it looks shady, close the tab and move on.

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