Bank Fraud and Older South Africans: Why They’re Being Targeted and How to Protect Them
Older South Africans are increasingly being targeted by digital fraudsters, according to Christopher Boxall, head of Card Transact at FNB. Speaking in an interview with Hot Business, he explained that criminals are drawn to both the wealth people have built up over a lifetime and a natural tendency to trust people who appear to be in authority.
Why older customers are in the crosshairs
More older people are using banking apps and other digital services, and many have significant savings and assets. Boxall described this as the “perfect gap” for fraudsters, who try to convince victims to let go of their funds and authenticate payments themselves.
The problem appears to be most pronounced among people over 55, and especially over 60. Boxall acknowledged that “elderly” is hard to define, but said banking data shows a clear focus on these age groups, with more fraud cases being logged month to month. It isn’t an FNB-only issue, either. It’s being seen across the banking industry.
Two factors make older customers easier targets. They may be less familiar with how banks authenticate customers, and they may be more inclined to trust people who seem to be authority figures.
How the scams work
Fraud has moved well beyond fake websites and crude impersonations. Criminals now use data from breaches and other sources to build profiles of potential victims. They then use those personal details to establish credibility before asking for sensitive information. Gradually, victims hand over small pieces of information that give the fraudster access to card numbers, expiry dates, CVV codes, or even usernames and passwords.
A common tactic is posing as a bank’s fraud department. The caller says an urgent problem has been detected on your account and pressures you to act quickly to “protect your money.” In reality, you’re handing the fraudster exactly what they need.
AI is making it worse
Boxall said artificial intelligence has made these scams harder to spot. Fraudsters can automate large volumes of convincing messages, and fake caller profiles and photographs can make them look like real bank employees. FNB has identified fake Truecaller accounts, fake profile pictures and numbers that can be set up in an instant, all appearing to come from one of South Africa’s larger banks. Messages may even include reference numbers and banking-related registration details to look authentic.
What banks are doing
Boxall said banks have to fight on two fronts: technology and education.
- Technology: Banks can adjust their fraud models to reflect the spending behaviour of different age groups.
- Education: They can send targeted warnings to customers who may be particularly vulnerable.
He also warned that simply adding more barriers to payments isn’t enough, because sophisticated fraudsters can manipulate victims into getting past those safeguards themselves.
Advice for older customers
- Stop when you feel pressured. Urgency is the scammer’s main tool.
- Question unexpected payment approvals. If you didn’t start it, don’t approve it.
- Verify independently. Don’t rely on the number or details in the message. Contact your bank through a channel you trust.
Advice for families
- Agree a safe word with older relatives, so a caller’s identity can be checked.
- Block cards or lower spending limits when they aren’t being used.
- Involve a trusted family member if something looks suspicious.
The bottom line
These scams work because they sound convincing and feel urgent. The best defence is to slow down, check through an official channel, and make sure older relatives know they can ask for a second opinion without embarrassment. A short conversation with a parent or grandparent now could prevent a very costly mistake later.
Source: Christopher Boxall, FNB, in an interview with Hot Business, as reported on 13 October 2026.
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