Sabric Warns Of Rise In Ai-driven Fraud Scams

The South African Banking Risk Information Centre Sabric has noted a rise in scammers using sophisticated artificial intelligence AI duping many into losing millions of rands.

It says South Africans are being targeted by AI-driven scams where fraudsters impersonate bank officials, create fake applications and manipulate social media to steal money.

Sabric says scammers are using deep fake videos, voice cloning and AI powered chat bots, allowing them to sound and look like real banking representatives.

It says a warning by Standard Bank warning highlighted a recent WhatsApp group, promoting GSBG, which is a fake investment app designed to steal personal data and money.

They say scammers are not just creating apps, but creating fake reviews on social media and fake articles to trick their victims.