Liberty gets scary about fraud

To celebrate Halloween and draw attention to the upcoming Fraud Awareness Week (which coincides with Black Friday) Liberty is running a campaign to highlight the frightening consequences of cyber scams.

“Fraudsters thrive when consumers let their guard down, especially during high-spending periods like Black Friday,” says Shaun Pillay, Head: Fraud Risk Management & Ethics. “By staying alert and adopting safe online habits, consumers can enjoy the benefits of convenience without becoming victims of digital deception.”

According to a 2025 ITWEB/TransUnion survey, nearly one in ten South Africans fall victim to cyber fraud each year. Earlier this year, the JSE issued a public warning about deepfake investment scams circulating on social media, a clear reminder that fraudsters are leveraging technology in new and alarming ways.

Liberty is promoting three key safety tips for consumers to remember:

1. Online safety: Protect your digital footprint
   • Never share personal information such as your ID number, passwords, PINS or banking details via emai, phone or social media.
   • Use strong, unique passwords for every account, include a mix of letters, numbers and symbols
   • Enable two factor authetnicfication (2FA) on your banking, email and social accounts.
   • Avoid using public Wi-Fi for financial transactions
2. Communication and scams: Think before you click
   • Be skeptical of unsolicited messages, especially those urging urgent action or offering rewards.
   • Do not click on suspicious links or downaload attachments from unknown senders.
   • Verify any request for personal information or payment directly with the company using official contact details.
3. Banking and transactions: Keep a close eye
   • Regularly monitor your bank statements and report suspicious activity immediately.
   • Set up real time transactions alerts to stay informed of account activity.
   • Use trusted payment platforms and confirm merchant legitimacy before making online purchases.
   • Shred sensitive documents such as old bank statements and invoices before discarding them.

Ed’s note:

I was nearly caught out by a phone scammer recently, which is a stark reminder of just how sophisticated these criminals have become. It’s an experience worth sharing with your clients.

The caller was articulate and professional, claiming to be from my bank’s fraud division. He told me there had been suspicious activity on my account and that urgent action was needed to prevent large withdrawals. The number he called from didn’t match my bank’s, but he had an explanation ready: he was phoning from a “specialised division” not usually visible to the public.

He created a sense of panic, urging me to act quickly. Moments later, I received an SMS with a link to download what he described as a “security update” to protect my account. Fortunately, I’m cautious about downloading anything that isn’t verified, and some of his comments didn’t quite add up. I told him I would rather call my bank’s fraud division directly.

When I did, the bank confirmed that there was no fraudulent activity and that the call had been a scam. Had I clicked the link, the fraudsters would have gained full access to my banking profile.

The lesson? Always remain calm, never click on unsolicited links and verify calls by contacting your bank through an official channel. These scams are highly convincing, and even the most vigilant among us can be momentarily caught off guard.