Thursday, 20 August 2026 ⚠️ Real Incident

Is a One-Time Password enough to keep your bank account safe?

South African bank customers are challenging banks over fraud losses, arguing that one-time passwords (OTPs) can be intercepted by clever scammers.

What happened

Standard Bank customers are reporting that money is disappearing from their accounts. The bank often rejects their fraud claims because its records show a one-time password (OTP) was sent to approve the transaction. However, clients insist they never authorized these payments and that scammers compromised their devices.

How it worked

Scammers do not just steal passwords anymore. They use tricks like fake websites, malicious links, or harmful software to access your phone or banking app. This allows them to intercept your security codes or take control of your device to make unauthorized transactions.

How to protect yourself

• Never share your banking PIN, passwords, or one-time passwords (OTPs) with anyone, even if they claim to be from your bank.
• Avoid clicking on links in unexpected messages, as they can install harmful software that allows scammers to see your screen or steal security codes.
• If you lose money to fraud and your bank rejects your claim, you can ask the Banking Ombud to do an independent review of your case.

Source: weekendargus.co.za