Monday, 10 August 2026 ⚠️ Real Incident

Protecting Your Money from SIM-Swap Scams

Nearly 60% of mobile banking fraud in South Africa is caused by SIM-swap attacks [1]. These scams cost the country billions of Rands every year [1].

What happened

Reports show that SIM-swap fraud is the biggest threat to mobile banking users in South Africa [1]. This type of crime accounts for more than half of all mobile fraud cases [1]. It costs the South African economy about R5.3 billion annually [1].

How it worked

A SIM-swap happens when a criminal gets control of your mobile phone number [1]. Your phone acts like a bank branch in your pocket [2]. Once they control your number, they can use it to access your money services and take your funds [1, 2].

How to protect yourself

• Only use mobile money platforms that you know are safe and trusted [2, 3].
• Treat your mobile phone with the same care as a bank branch [2].
• Stay informed about reports on telecom security to understand new risks [1].

Source: thepost.co.za