Fraud Awareness Week: Stay Vigilant, Stay Secure
Bilal Kajee, Head of Risk Management, Business & Commercial Banking, Standard Bank
As Black Friday approaches, Bilal Kajee warns that digital fraud is surging across South Africa. He shares practical ways for small businesses to safeguard themselves.
Digital Fraud: The New Normal
Black Friday and the festive season bring more than just booming sales, they also bring a spike in fraud. Criminal syndicates know that when people are busy, distracted and rushing to close deals, mistakes happen.
Over the past two years, digital fraud has overtaken traditional card fraud as South Africa’s biggest threat to business. As more companies bank, sell, and pay online, fraudsters are exploiting digital convenience to steal information and money.
Fake websites, spoofed emails and impersonation calls now mirror real brands almost perfectly. Many victims only realise what’s happened when their accounts are emptied.
The Big Three Scams
- Phishing: Fraudsters send convincing emails claiming your password has expired or your profile has been blocked. Clicking the link gives them access to your banking or personal data.
- Vishing: Scammers phone you, posing as bank staff or retailers, warning of “suspicious activity.” They sound professional, even helpful, before asking you to share details or move funds to a “safe” account.
- Smishing: A text message alerts you to a refund, blocked account, or delivery issue. Once you click the link or respond, you’re called and drawn deeper into the scam.
Golden rule: if someone contacts you first and asks for personal or banking information – hang up at once and call your bank immediately.
Why SMEs Are Most at Risk
Small and medium businesses are prime targets. Few have dedicated cybersecurity teams, and many owners see software protection as a grudge purchase. Yet one compromised email or infected laptop can wipe out years of hard work.
Investing in basic cyber hygiene is essential:
- Keep all software and operating systems updated.
- Install anti-malware and anti-spyware tools.
- Use strong, unique passwords and multi-factor authentication.
- Restrict who can access banking and client data.
Think of it not as an IT cost, but as insurance for your business’s continuity and reputation.
Black Friday: A Fraudster’s Dream
Fraudsters thrive on urgency and emotion – the two things that define Black Friday. They set up fake shopping sites offering huge discounts. Once you click and pay, your data and money are gone.
To protect yourself:
- Stick to websites and apps you already know.
- Ensure the site address starts with https://.
- Be wary of poor spelling or unfamiliar URLs.
- Prefer official apps, which go through security screening, over web links shared on social media.
Standard Bank partners with the Southern African Fraud Prevention Service (SAFPS), which allows customers to verify suspicious websites or register for protective alerts, but no system replaces personal vigilance.
Why your Internal Security Matters
If the breach happens inside your own environment — for example, an employee clicking a malicious link or outdated software exposing your system — the bank can’t always recover the funds.
That’s why prevention is better than restitution.
Keep your business “clean”: update devices, back up data and never share credentials between staff. Make fraud awareness a company-wide culture, not just an owner’s responsibility.
Practical Steps to Strengthen Defences
- Change passwords regularly and avoid simple or reused ones.
- Do not click on links or attachments from unknown senders.
- Use two-factor authentication or biometrics instead of SMS OTPs.
- Train employees to recognise suspicious emails, calls or SMSs.
- Limit access rights – only authorised staff should handle payments.
- Act fast: If you suspect fraud, disable affected cards in-app and call the fraud hotline immediately.
Speed matters. The quicker a scam is reported, the greater the chance of recovering funds.
Technology as Your Shield
Modern tools make protection easier.
Biometric login and app-based authentication are far safer than passwords alone. Behaviour-monitoring software powered by AI can flag unusual transactions before they’re processed. Even smaller firms can now access affordable cybersecurity services to monitor network traffic and detect anomalies.
Creating a Culture of Vigilance
At Standard Bank, we run continuous fraud-awareness programmes for employees, rewarding those who identify and prevent risks. The same principle applies to any business: empower your people to act when something doesn’t feel right.
Fraud isn’t just a bank problem or a technology issue; it’s a human issue. Criminals exploit trust, distraction and emotion. Your best defence is awareness, consistency and quick action.
So, as your business gears up for the sales rush, remember: every ‘too-good-to-be-true’ deal deserves a second look.
Stay Alert, Stay Vigilant, Stay Protected — and keep growing!!!