If you’re over 55, your bank account may already be on a criminal’s radar. FNB says fraudsters are going after older customers more and more, and they’re getting very good at it. They use personal details, fake bank identities and even artificial intelligence to make their stories sound real.
Many retirees and pensioners have worked for decades to build their savings. Plenty of them have also picked up banking apps in the last few years. Criminals know both things, and that’s the problem. The good news is that staying safe can be simple once you know the tricks.
What FNB is seeing
Christopher Boxall, head of Card Transact at FNB, raised the issue in an interview with Hot Business. His message was blunt. Older South Africans are being picked out by digital fraudsters at a growing rate.
His reasoning is easy to follow. Older people often have savings and assets that took a lifetime to build. They also tend to trust people who seem to be in charge. To a scammer, that’s a gap worth exploiting.
Boxall said the trend looks strongest among people over 55, and even stronger once you pass 60. He admitted that “elderly” is a fuzzy label. But the bank’s own data points clearly at these age groups, so the focus isn’t a guess.
And the cases aren’t slowing down. He said more of them are being logged every month. FNB isn’t alone either. Other banks are seeing the same thing.
Why older customers can be easier targets
This isn’t about carelessness. Many older customers simply aren’t as familiar with how banks check who you are. Digital banking moved fast, and not everyone was able to keep up.
Then there’s trust. A lot of people were raised to respect officials, bank staff and anyone who sounds professional. When a calm, confident caller says they work for your bank, it’s natural to listen.
The scary part is how much the caller may already know. Boxall said fraudsters use details from data breaches and other sources to build a picture of their victim. They use those details to sound genuine before they ask for anything sensitive.
How the scam usually works
It’s a simple formula, and that’s what makes it dangerous.
First, the criminal gets in touch and shows they know something about you. Maybe it’s your name, maybe it’s a few other facts. That earns your trust. Then comes a request to confirm a “small” detail. Then another.
Each question looks harmless by itself. Boxall explained that these little pieces add up. Before long, the fraudster may have your card number, expiry date and CVV. Sometimes they get your username and password as well. After that, getting to your money is far easier.
Another popular trick is pretending to be the bank’s fraud department. The caller says something is wrong with your account and it’s urgent. They tell you to act now to protect your money. In truth, you’re handing the criminal exactly what they came for.
The pressure is deliberate. Scammers want you worried and rushed. If you stop to think, the whole story can fall apart.
Artificial intelligence is making it worse
Boxall also said AI has made these scams much harder to spot. Criminals can now produce huge numbers of convincing messages with almost no effort. The clumsy spelling mistakes that used to give scammers away are fading.
Fake profiles are easy to build too. Boxall said FNB has come across fake Truecaller accounts, stolen or made up profile photos, and phone numbers that can be created in minutes. All of them were dressed up to look like they came from a major South African bank.
Some messages even carry reference numbers and banking registration details. Those touches make a message look official. So a polished message is no longer proof that it’s real.
Banks must act on two fronts
Boxall believes banks have to tackle this on two sides: technology and education.
On the tech side, banks can tune their fraud detection systems. People of different ages spend money differently, so the software can be set up to notice what looks odd for each group. That makes it easier to flag a strange payment on an older customer’s account.
On the education side, banks can send targeted warnings to customers who might be more at risk. Boxall said banks should reach out directly when they spot signs of vulnerability.
But he added a warning of his own. Piling on more security steps isn’t the full answer. A clever fraudster can talk the victim into getting past those steps on their own. If you’re tricked into approving a payment, the extra barrier doesn’t help much.
That’s why awareness matters just as much as any app.
What older customers can do
Boxall’s advice for customers is simple, and it’s easy to remember.
- Stop if you feel pressured. A real bank won’t mind you taking a minute.
- Question any payment approval you didn’t expect. If you didn’t start it, don’t approve it.
- Verify every call or message yourself. Don’t trust the number on your screen. Hang up and phone your bank using the number on the back of your card or on its official website.
A few more habits can help. Never give out your PIN, password, CVV or any code sent to your phone to someone who contacted you first. Be careful with people who ask for “just a few small details,” because those details can be pieced together. And if a call feels rushed or frightening, treat that feeling as a warning.
It’s easy to feel rude hanging up on someone who sounds official. Don’t. Ending the call takes a second, and it could save your savings.
How families can help
Boxall had advice for families too, because fraud rarely affects just one person. Relatives can make a big difference.
He suggested agreeing on a safe word with older family members. It’s a code word only your family knows. If someone calls claiming to be a relative in trouble and can’t say it, something’s off.
He also recommended blocking cards or lowering spending limits when they aren’t in use. That way, if a criminal does get hold of the details, the damage is smaller.
Finally, bring in a trusted family member whenever something looks suspicious. A second opinion can stop a bad payment. Sometimes a quick call to a daughter, son or grandchild is all it takes.
Talk about scams openly at home. Many people stay quiet because they’re embarrassed. Criminals count on that silence. A relaxed chat over tea is one of the best defences you’ve got.
Where to get help
If you think you’ve been targeted, call your bank straight away, using the official number on your card. The sooner you report it, the better your chances of limiting the loss.
You can also read up on common scams at the South African Banking Risk Information Centre (SABRIC), which works on crime awareness in the banking sector. If money has been taken, report it to the South African Police Service as well.
The bottom line
FNB’s warning is clear. Fraud aimed at older South Africans is becoming more personal, more polished and more common. Criminals are using stolen information and AI to look real, and they’re using fear to make people rush.
The best protection hasn’t changed, and it’s still simple. Slow down. Keep your details to yourself. Check every call or message on your own, using a number you trust. And keep your family in the loop.
A few easy habits can keep your hard earned savings where they belong.
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