Standard Bank customers face a growing threat from sophisticated spoofing scams that leverage advanced AI technologies.
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Standard Bank is experiencing a significant increase in spoofing scams perpetrated by fraudsters who utilise advanced artificial intelligence (AI) technologies to create increasingly sophisticated impersonations of bank officials.
These scams, characterised by AI-generated voices and emails, pose an escalating challenge for customers trying to discern the authenticity of communications from their bank.
“With the rapid development of artificial intelligence, we have seen an alarming enhancement in spoofing techniques,” notes Adv. Athaly Khan, Head of Fraud Risk Management at Standard Bank. “Current scams look and sound more real than ever before.”
Spoofing involves criminals impersonating trusted entities, such as banks, by manipulating caller ID or email addresses so that they appear legitimate.
This deception is particularly potent when combined with vishing, or voice phishing, where scammers call customers using numbers that mimic genuine Standard Bank contacts.
During these calls, fraudsters carefully craft their language and tone to reflect that of a legitimate bank interaction, often peppering their dialogue with standard security questions and disclaimers.
To establish credibility, they may reference personal details, including birth dates and addresses, creating a false sense of security for unsuspecting customers.
In such scenarios, the scammers typically assert they are calling for one of two reasons: to offer a service or to validate supposedly suspicious activity on the customer’s banking profile.
By instilling a sense of panic, they manipulate the customer into following their instructions, asking the individual to transfer funds to a “safe” account, scan a QR code, or share sensitive information such as One-Time-Pins (OTPs) or instant money voucher codes.
The threats extend beyond vishing to the realm of phishing emails. These fraudulent emails often masquerade as official correspondence from bank employees, expertly replicating the branding of Standard Bank.
They commonly employ an urgent, alarming tone, informing customers that their accounts have been flagged due to compliance issues.
This tactic is designed to generate anxiety and compel immediate action.
While the specific details may vary, these phishing emails usually contain hidden malware embedded in links, attachments, and icons, or presented via QR codes.
Interacting with these elements can infect devices with harmful software or redirect customers to convincing but fraudulent websites designed to harvest login credentials and card details. The urgency inherent in such messages typically translates to tight deadlines for the recipients, further increasing the pressure to comply.
As fraud continues to evolve, the spectre of deception remains pervasive, with scammers leveraging fear and urgency to exploit victims.
The key to safeguarding your personal information lies in staying calm, thinking critically, and consistently remembering what not to do and not to share.
IOL