Scammers never sleep. They’re constantly devising new ways to get their hands on your hard-earned money.
Technology, especially artificial intelligence (AI), has made it even easier for them to stay one step ahead.
Schemes such as deepfake videos, voice cloning, and fake apps are becoming more prevalent as fraudsters up the ante on their criminal activities.
We’ve rounded up the latest scams you need to know about and share some tips on what you can do to protect yourself.
SIM swap scam
This scam involves fraudsters requesting a SIM swap from your network provider. They use a false copy of your ID and any personal information they may have gleaned from you to answer security questions.
According to one network provider, if the scammers are successful at the authentication stage and you don’t dispute the SIM swap request after receiving notice, the SIM swap will be processed, leaving you with an inactive SIM card and unable to receive or make calls or send text messages.
This is concerning because the fraudsters will have complete control and access to any messages, confidential notifications, and approval SMSs sent to your phone, making it easier for them to access your banking app and transfer money from your account without your knowledge.
What to do: If you receive a SIM swap request you haven’t requested, contact your network provider immediately to dispute it. If you couldn’t dispute it in time, and the request was successful, contact your provider to see if they can temporarily block your number or reverse the request. Don’t forget to call your bank and request that it block and monitor your accounts.
Fake app scams
Fake apps are designed to look like legitimate apps to fool users into downloading them. They mimic the names, logos, and designs of legitimate apps to appear trustworthy and often include fake reviews and ratings in app stores to be even more convincing.
According to antivirus firm Norton, these apps are often distributed via third-party app stores, which may have minimal verification processes.
“While official app stores like the Google Play Store and Apple’s App Store have stricter verification procedures, some fake apps still slip through,” it says.
Scammers can also send emails or links, posing as trusted entities like your bank, to trick you into downloading their fake app.
Here’s why fake apps are dangerous:
Fake apps can deceive you into entering personal data, such as banking details and banking app login credentials, or log your keystrokes as you enter them legitimately. Scammers can then log into your banking app and transfer your funds into their account.
So how can you spot a fake app? Cybersecurity company Kaspersky says look out for the following:
- Grammar mistakes: legitimate app developers usually avoid typos and errors in their app descriptions.
- The icon: fake apps may display an icon that looks similar to the icon of a real app it’s copying. Don’t be deceived by distorted, lower-quality versions of the real icons.
- The reviews: be wary of an app with a low rating and numerous user complaints. However, uniformly positive reviews could also be a red flag since fake app creators often generate fake reviews to trick users into downloading their apps.
- Number of downloads: legitimate apps can have millions or even billions of downloads. If you see a popular app with only several thousand downloads, it could be a fake.
- Research the developer: sometimes, a counterfeit app may have the same developer name as its original counterpart, with one or two letters changed to trick users into believing it’s the real deal.
- The permission agreement: read the permission agreement before you download the app. Fake apps often ask for additional authorisations that aren’t strictly necessary.
What to do: If you think you’ve downloaded a fake app, delete it, restart your phone, or better yet, reset it and run an antivirus. It’s also advisable to change passwords for key apps. Going forward, only download apps from official app stores, check the app details before downloading, review the permissions requested by the app, and never click on links with promises too good to be true.
Deepfake and impersonation scams
Deepfakes use deep learning techniques to create videos and images that look realistic but are fabricated content.
When in the wrong hands and combined with other AI models, they can be used to legitimise scams and convince people to invest in them.
The Financial Sector Conduct Authority (FSCA) recently warned of platforms using deepfake videos and images of businessman Patrice Motsepe, TV presenter Leanne Manas, President Cyril Ramaphosa, and Deputy President Paul Mashatile to promote investments that offer unrealistic returns of between R13 000 and R17 000 per day on an investment of R4 500.
“In one of the deepfake videos, Dr Motsepe is seen promoting the investments offered via the investment platform, and Mr Mashatile is seen confirming that the platform is authorised and that investors will receive returns. In another video, Mr Ramaphosa is seen promoting investments and guaranteed returns,” the regulator said.
But that’s not where it ends. Deepfakes can also be used to access personal information that can be used to commit fraud.
Boland Lithebe, security lead at Accenture, Africa, told Moneyweb@Midday that if service providers don’t securely store biometric and other personal information, such as ID numbers and home addresses, AI bots can access this information, pretend to be a client and dupe an organisation into authorising a transaction.
So how can you spot deepfake scams? According to Identity, a non-profit that advocates for secure, private, and user-friendly digital identity tools, these are the six tell-tale signs:
- Irregular facial movements such as unnatural blinking or odd head motions.
- Lip-synching errors where the lips don’t match the audio precisely.
- Inconsistent lighting or shadows that don’t align with the natural light source.
- Blurry or warped facial features, especially around the eyes, lips, or hairlines.
- A lack of natural tone variations in the voices, which makes them sound robotic or slightly off in pitch and rhythm.
- Facial distortions or asymmetries, like one eyebrow raised higher than the other, without a corresponding facial movement.
Impersonation scams, on the other hand, are what the name implies: scammers pretending to be trusted people, businesses or government entities to trick you into sharing personal information or handing over your money, either through investment scams or transfers to the fraudsters’ accounts.
The FSCA’s Warnings and Alerts page on its website has a long list of warnings regarding entities or individuals impersonating authorised financial services providers, financial advisors, employees at financial firms, and even JSE CEO Leila Fourie and the FSCA’s commissioner.
How can you tell if impersonation scams are targeting you? Be alert for the following:
- Unexpected contact: you get a call, message, or email out of the blue claiming to be from your bank, SARS, a courier, or any well-known company.
- Urgency or threats: scammers often create panic. “Your account will be frozen” or “There’s a legal case against you unless you act now”.
- Requests for personal information or money: they may ask you to share your banking login details, one-time PINs, or even send money “to verify your account”.
- Unusual payment methods: you’re asked to pay via gift cards or cryptocurrency – legitimate companies never do this.
- Spoofed numbers or emails: the call or message may appear to come from a real company, but don’t trust the display name alone. Scammers can fake these.
What to do: The FSCA says investors should verify that an entity or individual is authorised by it to provide financial products and services, what category of advice they’re registered to provide, and that the FSP number utilised by the entity or individual offering financial services matches the name of the FSP on the FSCA database. Investors are also urged to research investment opportunities and get advice from a financial advisor. If an investment sounds too good to be true, it probably is.
Voice cloning
This is another type of deepfake technology in which a digital copy of a person’s voice is created by capturing their speech patterns, accent, and breathing from brief audio samples.
Once the speech pattern is captured, an AI voice generator can convert text input into highly realistic speech resembling the targeted person’s voice.
The cloned voice can then be used in misleading voice notes or calls, often in conjunction with spoofing the caller ID to appear trustworthy.
Here’s why it’s dangerous: scammers can use the cloned voice to gain the trust of your family and friends and request funds, or to access personal information about you that they can use in other fraudulent activities.
Watch how Vice journalist Joseph Cox used an AI replica of his voice to access his bank account:
What to do: The DeFake Project of the Rochester Institute of Technology recommends being wary of unexpected calls, even from people you know well, and not relying on caller ID since it can be faked, too.
“If you receive a call from someone claiming to represent your bank, hang up and call the bank directly to confirm the call’s legitimacy.
"Be sure to use the number you have written down, saved in your contacts list, or that you can find on Google,” it says.
It also advises being careful with personal identifying information, such as your ID number, home address, birth date, phone number, middle name, and even the names of your children and pets.
“Scammers can use this information to impersonate you to banks, realtors, and others, enriching themselves while bankrupting you or destroying your credit.”
The DeFake Project’s last piece of advice is to know yourself. “Specifically, know your intellectual and emotional biases and vulnerabilities. This is good life advice in general, but it is key to protecting yourself from being manipulated.
“Scammers typically seek to suss out and then prey on your financial anxieties, your political attachments or other inclinations, whatever those may be,” it says.
Travel scams
Fraudsters target travellers at every stage – from booking to arrival – making vigilance essential.
One of the most common traps involves fake travel advisors, especially those advertising on social media. These scammers often offer great deals, request EFT payments, and vanish once the money clears. To avoid this, always pay with a credit card.
Accommodation scams are also on the rise. Don’t book listings with no reviews or reputation, and use reputable travel platforms like Booking.com or Airbnb, which offer built-in protections.
When it comes to flights, use deal-finder sites to compare prices, but always book directly with the airline to ensure International Air Transport Association protection.
On arrival at destinations, taxi scams are a frequent risk. Unregulated drivers often approach tourists, charging inflated fares. Instead, initiate contact with taxis, use official ranks, or opt for ride-hailing services like Uber for greater safety and transparency.
Money exchange scams
Scoring a “great rate” from a stranger abroad might seem like a win, that is, until your money disappears or you’re handed counterfeit cash.
Before you travel, take a few minutes to brush up on the official exchange rate and familiarise yourself with the local currency’s look and feel, especially its security features. Even when buying from a legitimate provider, count your money and check it carefully. If anything feels off, ask for a clean set.
Want to skip the hassle altogether? Ditch the dodgy conversions and go digital with Shyft. You can buy forex at the cheapest rates in the market and hold multiple currencies in-app through your dollar, pound, euro, and Australian dollar wallets.
Plus, you can pay with your Shyft virtual or physical multicurrency cards or Apple Pay or draw cash abroad when needed – no need to carry large amounts of physical currency.
