Stay alert. Stay informed. Protect your organization against fraud. As technology advances, so do fraud tactics. The security of your story is our top priority. Fraud Hotline: 0860 500 703 Fraud Hotline: 010 211 3117 cibfraud@absa.africa Absa | Corporate and Investment Banking > Insights and Events > Don’t become a victim Fraud is more than just a crime Fraud is more than just a crime—it’s a global threat that silently drains billions from economies, shatters businesses, and ruins lives. From Social engineering, Cyber scams and identity theft to corporate deception, embezzlement and financial misstatements, fraud erodes trust in systems we rely on daily. In a world where innovation is growing faster than ever, fraudsters are evolving too—making vigilance, ethics, and strong controls not just important, but essential for a safer, fairer future. The occurrence of fraud can be from external or internal sources through identity theft or document and transaction falsification or combinations thereof. Types of Fraud External fraud refers to fraud committed by individuals outside an organisation such as customers, vendors, competitors or other parties involving individuals, rings of individuals, organised crime and even terrorist groups. Internal fraud is when the crime is committed by someone within the organisation against customers, third parties or the entity. Social Engineering Attacks Digital and Cyber Internal fraud Where to report fraud Social Engineering Attacks Social engineering is a technique fraudsters use to trick individuals into sharing their sensitive information Business E-mail Compromise Received a request to urgently change banking details from an unknown party? This could be a Business E-mail Compromise scam. Read more Phishing Opened an email with an offer that’s too good to be true, or received a request to click on and you have to provide your sensitive information? There’s is a possibility that is a phishing scam. Read more Read more Impersonation Got an urgent message from your 'CEO' asking you to process a payment or share sensitive info. Think twice before actioning the request it could be impersonation scam. Read more Vishing Unexpected call from someone purporting to be from the bank requesting an OTP that was sent to your phone? That might be a fraudster tricking you to reveal your OTP code in order to access your bank profile. Read more Smishing Got an SMS requesting you to update your details via a link? This could be a trick by a fraudster to reveal your sensitive information. Read more Quishing Scanned a QR code from an email or poster that took you to a suspicious website asking for your login details? That might be quishing scam aimed at stealing your personal information to carry out fraudulent activities in your account Read more Digital and Cyber Digital and cyber: refers to deceptive or criminal activities carried out using digital platforms, the internet, or electronic devices. It involves trickery through various online tactics to gain unauthorized access to sensitive information and bank accounts Remote Account Takeover Noticed a suspicious application on your computer even though you never installed it could be a remote account takeover. Read more Pharming Clicked on a link supposedly from your banker to update your details. However, the URL is different from your bank’s website? That could be pharming when fraudsters redirect you to a fake website to harvest your sensitive information. Read more Trojan Horse Downloaded what looked like a harmless file or app — and suddenly your system became very slow? That could be a Trojan — malware disguised as legitimate software, used by fraudsters. Read more Keylogger Logged in to your banking profile on a shared or public computer and few hours later received notifications that you have logged in to your bank account whereas you didn’t? Your login details could have been compromised through keylogger. wherein a hidden program that records every keystroke to steal your sensitive information. Read more Spyware Noticed your device slowing down and strange ads popping up after installing a free application? That could be spyware — malicious software secretly monitoring your activity and collecting your personal information without your consent. Read more Internal fraud According to the ACFE’s 2024 Report to the Nations, nearly 42% of occupational fraud cases involve internal perpetrators, underscoring the reality that the threat often lies within. The consequences of internal fraud extend beyond financial loss; they erode organizational culture, damage employee morale, and compromise stakeholder trust. In many cases, internal fraud goes undetected for extended periods due to inadequate oversight, poor segregation of duties, or a lack of whistleblowing mechanisms. Africa, in particular, shows a higher rate of corruption-related internal fraud (54%) compared to the global average, according to ACFE regional data Several key factors contribute to the occurrence of internal fraud Lack of controls which create opportunities for employees to commit fraud such as lack of segregation of duties, poor access management or inadequate oversight which make it easier for employees to commit fraud undetected. e.g. one person captures an invoice, process and authorise the payment for the invoice. Employees may feel financial pressure (e.g., debt, addiction, lifestyle demands (living beyond their means), or unrealistic performance expectations (e.g., sales targets). The pressure motivates employees to find illicit ways to resolve their situation or collude with other employees and external parties to commit fraud. Some measures to mitigate the risk of internal fraud (this not an exhaustive list) Strengthen Internal Controls through implementing segregation of duties. Conduct regular audits and have oversight over high risk processes. Restrict access to critical systems and data based on role. Conduct access reviews to ensure the relevance of access. Implement a Whistleblower Hotline to encourage employees to report any suspicious activities. Conduct Background Checks on all employees such as employment history, qualifications, and criminal records Conduct fraud awareness trainings for employees in terms of the fraud risks and reporting mechanisms. Rotate duties & enforce Mandatory Leave to help prevent long-term concealment of fraud. Where to report fraud Inform your banker of any suspicious activities you have noted. To report fraud-related incidents, please email cibfraud@absa.africa or contact 0860 500 703 or 010 211 3117 To report a matter after business hours, please contact our Fraud Hotline on 0860 557 557 or 011 501 5089 To report phishing incidents, please email secmon@absa.co.za To assist us in investigating any fraud matters, please provide the following information: SAPS case number, e.g. Johannesburg SAPS case: 535/09/2016 An affidavit detailing exactly what happened, how it happened and when it happened. Include the bank account number affected. Any relevant information you may have, such as screen shots, emails etc It is important to note the bank may contact you when they suspect suspicious transactions in your bank account. However, ABSA will never ask you to: Provide a password to your bank profile or your OTP (One – Time Password). Urgently send sensitive information via WhatsApp or your account will be blocked. Install software or grant remote access to your phone or computer. Transfer money to a “safe” account, the bank will never ask you to move funds for security reasons, this is a tactic that fraudsters use to scam their victims. Provide an OTP in order to reverse a fraudulent transaction. Invite you to participate in any deals via WhatsApp.
