The caller says they are from your bank’s fraud department. They have spotted suspicious activity on your account and need your help to stop it. They know some of your details and offer to guide you through the next steps: read out a one-time PIN (OTP) or move your money to a “secure account”.
The apparent offer of help is the fraud.
What is vishing?
Vishing, or voice phishing, is a phone scam in which criminals impersonate a trusted person or organisation. They try to persuade you to disclose confidential information, give them access to your accounts or make a payment.
These scams are increasingly targeting retirees or the elderly, so it's important that you have a conversation with your parents or grandparents, to alert them to these scams and what to do if they are targeted.
In a vishing attack, criminals may stay on the line throughout, coaching you through transactions you believe will protect your money. For retirees, a loss can affect both the savings they have built and the income those savings need to provide.
Read on to find out more about these scams and to download a handy guide to share with your parents or grandparents.
If you remember one thing
Your bank will never ask you to disclose your OTP or transfer your money to a so-called “secure account”. End the call and contact your bank independently.
Listen to the podcast
Retirees and fraud - practical ways to protect yourself
Learn more about safeguarding your hard-earned cash in this podcast conversation between Kevin Hogan, Head of Fraud Risk and Rene Grobler, Head of Intermediaries and Corporate Cash Management, both at Investec.
Why can a scam call sound so convincing?
A caller may know your name or card details and appear to be calling from your bank’s number. Stolen information and disguised caller identification can make a fraudulent call seem legitimate. An OTP arriving during the conversation can reinforce that impression. Yet the code may authorise something quite different from what the caller describes.
Read the full message to understand what the code will authorise. Never disclose it to a caller or approve an unexpected login or payment because someone says it will secure your account.
The caller may also offer to “fix” a security problem by asking you to install software or share your screen. This can let them watch you enter credentials or control your device.
Do not grant access at an unexpected caller’s request or open your banking app while an unverified person has access to your device.
Why the caller wants you to stay on the line
An instruction to “stay with me while we secure your account” can sound reassuring. It also keeps you occupied and leaves less room to check the story. The caller may present each step as urgent so that you keep following instructions before considering what you are authorising.
How can you check whether a bank call is genuine?
Contact your bank using the number on your card or the contact option in its app. Do not use contact details supplied by the caller or simply return the incoming call.
Some banks also offer verification within their apps. Investec’s Active Call Verification, for example, lets Private Client App users check a caller’s verified status, name and team during supported calls.
“If you remain unsure, end the call and contact the bank yourself. You do not need to prove that a call is fraudulent before hanging up,” says Mulaudzi.
Keep a scam-safety guide handy
Warning signs and practical steps on one printable page.
Other scams that can put retirement savings at risk
Phone calls are one way criminals make contact. The following scams may combine calls with emails, messages or social media.
Fake investments and cryptocurrency offers
Investment scams can be particularly devastating for retirees, as they often promise to supplement retirement income but end up draining the savings they rely on.
They may arrive through a social-media advert, a WhatsApp group or someone claiming to represent a financial institution.
It often starts with a scammer persuading you to invest a small amount to see how it performs. A professional-looking platform displays charts, account balances and fake profits. For example, a R20,000 investment might appear to have “grown” to R100,000 in just three months.
Scammers may even allow you to make small withdrawals to build trust, before offering a bigger limited-time “deal” and persuading you to invest a much larger lump sum.
“A balance on a screen is only a number. A fraudulent platform can show steady growth without your money ever being invested.” - Ndivhuwo Mulaudzi
The deception may become apparent only when you try to withdraw money and are asked to pay further “tax”, administration or release fees. Pensioners have lost their entire savings pot and even their house to these scams.
Protect yourself: Treat guaranteed high returns, pressure to invest immediately and extra payments to “release” your money as warning signs. Discuss an unfamiliar offer with your established financial adviser and verify the provider independently before transferring funds. A familiar face in an advert or video is not proof of endorsement.
Pension and grant impersonation
Messages about retirement benefits can create pressure to respond, particularly if they claim that a payment will stop unless you update your details. Others promise additional benefits and invite you to apply through a link.
Protect yourself: Confirm unexpected requests directly with your pension-fund administrator or SASSA through established contact channels.
Do not submit banking credentials or personal documents through an unsolicited link.
Romance and family emergency scams
Some criminals build a relationship over weeks or months before asking for money. A supposed emergency may follow, or the conversation may turn to an investment opportunity.
Other scams rely on immediate alarm. In a “grandparent scam”, someone calls claiming to be a grandchild in trouble. AI can imitate a familiar voice, so recognising the voice alone is not sufficient verification.
Before sending money
- An online relationship: Discuss the request with someone outside the relationship. Pressure to keep it secret is a warning sign.
- A family emergency: Call your relative on their usual number or check with another trusted person before paying. A familiar-sounding voice is not sufficient verification.
Agree on a private family safe word in advance and ask for it if a call seems suspicious.
What should you do if you suspect fraud?
Contact your bank immediately if you have shared security details, approved an unexpected request or sent money. Explain what happened, including whether you installed software or allowed remote access. Ask the bank to secure affected accounts and investigate the payments.
If someone may still have access to your device, use another trusted device to contact the bank. Keep messages, transaction records and details of the call to support the investigation.
Prompt reporting may help recovery, although it cannot guarantee that funds will be returned. Contact your bank as soon as you suspect something is wrong, even if you are unsure what has happened.
“You don’t need to work out the whole scam before reporting it. Tell your bank what you shared or approved so it can investigate and help secure your accounts,” says Mulaudzi.
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