The Scam Economy in South Africa
A staggering 57% of South Africans have been targeted by scammers in just 12 months, highlighting the relentless and rapidly evolving nature of this criminal threat.
Scamming has become a sophisticated crime, inflicting financial devastation on citizens and businesses alike, with methods ranging from classic distraction techniques at ATMs to advanced digital banking fraud and impersonations.
In a survey conducted by infoQuest, a leading South African online research company, 300 South Africans across all demographics reported on attempted and actual scamming incidents, revealing the extent of this epidemic.
The methods employed by fraudsters are constantly innovating to exploit vulnerabilities in a digitally interconnected society.
- Classic distraction techniques used at ATMs
- Advanced digital banking fraud
- Impersonations and other forms of scams
This article explores the types of scams commonly used, the incidence of financial loss, and other issues related to the scamming epidemic in South Africa.
Author's summary: Scamming affects 57% of South Africans, causing financial devastation.