I’ve been the victim of fraud – now what?

Where there are roses, you will find thorns. Digital connectivity, open banking and e-commerce have made online banking, shopping and transacting easier and more convenient than ever before – and at the same time, they’ve given scammers and con artists a global market in which to hunt for targets. Fraudsters are working constantly to make their scams more believable, which makes it easier for them to catch you out.

Some of this fraud takes place online, when phishers, smishers or vishers try to dupe you into revealing your banking details in emails, texts or voice calls by pretending to be one of your service providers. Some cybercriminals embed malicious software in images, videos or fake ‘reply’ addresses attached to emails or text messages – if you click on them, your device can be infected with malware that harvests your personal and banking information. 

Even if you take all the steps that experts recommend to protect yourself from online fraud, you can’t guarantee that you won’t become a victim of a scam at some point. Your first line of defence is constant vigilance. Are you notified by text message about all activity on your bank accounts including once-off payments and new recipients? Do you keep your banking login details and card PIN secure? Do you check your bank statement carefully every month and report any unusual or unknown transactions? 


Make sure that you authorised all transactions … if not, report them to your bank


The faster you notice any suspicious activity, the sooner you can take steps to protect your accounts. Knowing what to do as soon as you become the victim of fraud is essential, not only to stop the fraud continuing, but also if you want to stand any chance of getting your money back.

Here are the steps you need to follow if you become a victim of fraud:

Step 1: Contact your bank

The moment you realise that you have been scammed, contact your bank immediately. The Nedbank Fraud number is 0800 110 929. Don’t wait until you have finished work, or until you get home, because every second counts. The sooner you let your bank know, the better the chance that some of your money can be saved.

Step 2: Contact the police

Open a case with the South African Police Service to get a case number.

Step 3: Contact the Southern African Fraud Prevention Service and a credit bureau

If you suspect you may be a victim of identity theft, contact the SAFPS helpline on 011 867 2234 to report your stolen identity, and then contact a credit bureau to check if any credit applications have been made in your name.

Step 4: Check your accounts thoroughly

Do a thorough check on all your accounts to see if more than one fraudulent transaction has been made on any of them. Make sure that you authorised all transactions, and if not, report them to your bank.

Nedbank is committed to keeping our clients, employees, business and partners safe. We try to make our products and transactions as safe as possible, but when fraud crops up, we have various processes in place to help you prevent further losses and, where possible, recover your money.