South Africa is facing a sharp rise in financial crimes as digital banking fraud and robbery-linked kidnappings become increasingly common.
Recent figures from the South African Banking Risk Information Centre (SABRIC) show that digital fraud incidents have more than doubled in recent years, with scammers increasingly targeting mobile banking users through phishing, SIM swaps, fake social media adverts and impersonation calls.
Capitec, South Africa’s largest bank by customer numbers, said fraud cases have risen significantly over the past few years.
In response, the bank has rolled out AI-driven scam alerts, real-time caller identification within its app, and stronger safeguards against unauthorised transactions.
The lender said its anti-fraud team now includes more than 400 specialists focused on client protection.
Rise in digital scams
Banks and law enforcement agencies say criminals are increasingly using Facebook, Instagram and WhatsApp adverts to lure users into downloading fake applications or clicking fraudulent links.
Many scams are designed to create panic by impersonating banks, police officers or government departments.
Capitec recently warned that scammers often exploit urgency and fear to trick victims into disclosing passwords, PINs or one-time passwords.
Growing threat of express kidnappings
A more violent trend is now emerging: express kidnappings.
These incidents typically begin as robberies or hijackings, after which victims are forced to unlock their phones and transfer money using banking apps.
Security experts say Gauteng remains the epicentre of this crime pattern.
According to SAPS and the Institute for Security Studies, many kidnappings are financially motivated and unfold quickly, with victims detained just long enough for criminals to drain their accounts.
The latest crime figures show nearly 4,800 kidnapping cases were reported nationally in one quarter alone, averaging around 53 incidents per day.
This marks one of the fastest-growing crime concerns affecting ordinary commuters, shoppers and motorists across South Africa.
Source: SABRIC, SAPS, Capitec, MyBroadband, BusinessTech, ISS
