Payment Scams
As digital payments evolve, so do the methods used by fraudsters. Payment scams are designed to exploit trust, create urgency, take advantage of gaps in awareness. Understanding how common scams work is essential to protecting yourself and your money.
Why common scams are increasing?
The shift toward digital banking and instant payments methods has created new opportunities for fraudsters to act quickly and at scale.
Scammers often rely on:
Speed, especially with instant payments
Deception, through impersonation and fake communication
Pressure, by creating urgency that limits time to think
Being aware of these tactics is the first step in reducing your risk
Common types of payment scams:
Fake Proof of Payments (POP):
Fraudsters create or manipulate proof of payment documents to make it appear that money has been transferred
Common in buying and selling transactions
Victims may release goods or services before receiving payment.
Important: only funds reflecting in your account confirm that a payment has been successfully made.
Payshap and Instant Payment scams:
With instant payment systems, fraudsters take advantage of the speed and finality of transactions. Once an instant payment is made, it can be very difficult to recover the funds.
Victims are pressured to send money quickly
Fraudsters may impersonate trusted individuals or businesses
Phishing, Smishing, and vishing :
These scams involve fraudsters impersonating trusted institutions, including banks. Victims are often asked to provide login details, card information, or OTPs, which are then used to access accounts and commit fraud.
Phishing: Emails with links to fraudulent websites
Smishing: SMS messages designed to trick you
Vishing: Phone calls pretending to be legitimate representatives
QR Code Scams :
Fraudsters use manipulated or fake QR codes to redirect payments or gain access to sensitive information.
QR codes may be placed over legitimate ones at locations such as parking meters, restaurants, or retail points.
Scanning the code may direct you to a fraudulent payment page.
In some cases, it may initiate payment to the wrong recipient.
As QR codes remove the need to manually enter payment details, they can reduce the opportunity to verify information before proceeding.
Important:
Always verify the source of a QR code before scanning
Avoid scanning codes from unknown or unsecured locations
Confirm the recipient details before authorising any payment
OTP (One-Time Pin) Fraud
Fraudsters attempt to trick you into sharing your OTP in order to gain access to your accounts or authorise transactions.
They may impersonate bank officials or trusted contacts
They may claim there is suspicious activity on your account
They may ask you to share an OTP to “verify” or “stop” a transaction
Once OTP is shared, it can be sued to:
Access your banking profile
Approve transactions
Take over your accounts
Banks consistently emphasise that they will never ask you to share your OTP, PIN, or passwords under any circumstances.
What enables these scams:
Most payment scams rely on human behaviour rather than system weaknesses.
Common tactics include:
Creating urgency and panic
Impersonating trusted organisations
Requesting sensitive information
Encouraging immediate action without verification
Consumers are encouraged to pause and verify before responding to unexpected requests involving money or personal information.
If it sounds like a scam, it probably is:
Fraudsters often use convincing techniques to make their requests seem legitimate. in many cases, the interaction may feel professional, structured, and even similar to how banks communicate.
One of the most common tactics is guided questioning, where the fraudster appears to “verify” your identity by presenting options such as:
Have you lived at this or that address?
Which of the following stores have you had an account with?
Please confirm which option applies to you?
These methods are designed to:
Build trust
Create an impression of a formal verification process whilst potentially attempting to access your account
Lead you to unknowingly confirm or reveal sensitive information
In legitimate interactions, banks will not:
Ask you to select or confirm sensitive personal history in a way that exposes your information
Guide you through answers to security questions
use urgency to pressure you into responding quickly
Important: if something feels unusual, overly guided, creates pressure, or does not match your typical banking experience, take a step back and verfiy the request using official channels.
STOP + VERIFY = Scam prevention
What to do if you have been scammed:
Acting quickly can reduce the impact of fraud.
Contact your bank immediately:
Report the incident using official banking channels
Request assistance to secure your account
Secure your banking profile:
Change your passwords and PINS
Remove or block suspicious beneficiaries
Review recent activity
Stop further activity:
Dispute or cancel unauthorised transactions
Continue monitoring your account closely
Report the Incident:
Open a case with SAPS
Obtain a case number
Seek Additional Protection:
If your identity may have been compromised, you can contact the South African Fraud Prevention Service (SAFPS) to:
Report identity theft
Place a protective registration on your profile
Receive guidance on preventing further fraud
Key Takeaway:
Payment scams rely on deception, urgency, and trust
Never rely on proof of payment alone, confirm funds in your account
Your OTP, PIN, and password must never be shared
Always verify before making payments or acting on requests
Act quickly if you suspect fraud
When in doubt, do not engage. Rather, contact your bank directly using trusted contact details.
Disclaimer: This guide is an original educational resource. Additional industry, as well as your respective bank, can be consulted for more in-depth guidance. You are encouraged to explore the list of references below.
REFERENCES:
South African Banking Risk Information Centre (SABRIC). How to Stay Safe
https://www.sabric.co.za/how-to-stay-safe/Standard Bank. Bank Safely. https://www.standardbank.co.za/southafrica/personal/products-and-services/security-centre/bank-safely
Nedbank. Cybercrime and Banking Safety Guidance.
https://private.nedbank.co.za/content/nedbank/za/en/personal/home/fraud-awareness/cybercrime.htmlFirst National Bank (FNB). Digital Fraud. Understand Digital Fraud. https://www.fnb.co.za/security-centre/digital-fraud.html
South African Fraud Prevention Service (SAFPS). Fraud Prevention and Identity Protection Services
https://www.safps.org.za/