Watch out for the return and rise of the change of bank details scam, warns the South African Banking Risk Information Centre (Sabric).
Sabric's general manager Susan Potgieter said on Tuesday a recipient initially receives an e-mail or letter informing them that a particular supplier of theirs is changing their bank account details.
Potgieter explained the red flags to look out for in the correspondence and how to avoid falling victim.
Listen to the full conversation:
The scammers impersonate companies that most South African debtors deal with such as municipal or telephonic service providers.— Susan Potgieter, Sabric's general manager
They use bulk communication, and if a couple of people fall victim to the scam, they have achieved their means.— Susan Potgieter, Sabric's general manager
These mails do look legit, criminals go the extra mile to use the appropriate language. The quality has improved.— Susan Potgieter, Sabric's general manager