WesBank, a sister company to FNB, has warned its clients of an increase in fraudulent emails being sent around with the bank’s logo at the top, with criminals targeting people who had and have vehicle finance with the company.
Lebogang Gaoaketse, head of marketing and communication at the finance company, said the letterhead in these fraudulent emails looks official, the language sounds professional and the request seems urgent but reasonable – but it is not from WesBank.
“If you receive suspicious communication claiming to be from WesBank, do not click on links, download attachments or provide any information,” he said.
Scams costs banks R1.8 billion
Gaoaketse highlighted that almost 70% of South Africans have been previously targeted by fraud, with victims typically losing more than R12 500. Digital banking fraud surged by 86% in 2024, costing the industry R1.8 billion.
The finance company said criminals exploit the bank’s branding to create convincing, official-looking documents designed to trick customers into sharing personal information or transferring money to fraudulent accounts.
“What makes these scams particularly dangerous is their sophistication,” said Gaoaketse.
“They appear legitimate, sound urgent and feel personalised, often targeting customers with existing or previous vehicle finance agreements.”
Fake legal letters
Gaoaketse said fraudsters can go as far as using fake legal action letters to threaten the repossession of a car.
“Car sales-related scams target private sellers with fake financing approval letters, whilst vehicle finance arrears notices create panic by falsely claiming accounts are in arrears and demanding immediate payment,” he said.
“The criminals will then use fake legal action letters to threaten repossession or legal proceedings unless urgent payment is made.”
He warned that fraudsters strategically time their attacks to coincide with periods when consumers are most vulnerable or when legitimate communication from financial institutions is expected.
“These scams often appear after public holidays or year-end shutdowns, when consumers are financially stretched, shortly after a vehicle purchase, resale, or settlement, during periods of high fraud activity across the financial sector, or when customers naturally expect legitimate communication from their bank.”
Ways fraudsters are targeting WesBank customers
Gaoaketse added that there are different ways in which fraudsters are using to exploit unsuspecting customers, including:
- Proof of payment scams involve fraudsters sending fake payment confirmations to trick sellers into releasing vehicles before verifying actual payment.
- Change of banking details fraud sees scammers posing as WesBank officials requesting customers update payment information to fraudulent accounts.
- Refund or overpayment scams claim customers have overpaid and require bank details to process a refund.
- Account verification scams request customers verify sensitive information under the guise of security checks.
- Fake insurance or warranty add-ons pressure customers into purchasing non-existent additional cover through convincing but fraudulent communication.
Warning signs
According to WesBank’s ScamProof guide, several warning signs can help consumers identify fraudulent communication:
- Examine the sender’s email address carefully. Legitimate WesBank emails come from official domains. Fraudsters often use addresses that closely mimic official ones but contain subtle variations such as extra characters or different domain extensions.
- Poor spelling and grammar frequently appear in scam communications. While legitimate institutions maintain high standards of written communication, fraudulent messages often contain errors, awkward phrasing or inconsistent formatting.
- The tone of the message can reveal deception. Scam communications typically create unnecessary urgency, use aggressive or threatening language or apply pressure for immediate action without allowing time for verification.
- Requests for sensitive information should raise immediate concerns. WesBank will never ask customers to share passwords, PINs, full banking details or one-time passwords via email or text message.
- Payment instructions directing funds to new or unusual accounts, particularly those requesting payment outside official channels, are clear indicators of fraud.
Importance of verification
Gaoaketse said it is important for customers to pause before acting on any communication that requests payment, personal information or urgent action.
“Contact WesBank directly through our official channels to verify any communication you receive. Taking a few minutes to confirm authenticity could save you from significant financial loss and identity theft.
“Report suspicious emails or messages to WesBank immediately and verify all payment instructions independently before making any transactions. Trust your instincts; if something feels wrong or too urgent, it probably warrants further investigation.
“Remember, legitimate financial institutions will never pressure you into immediate action or request sensitive information through unsecured channels.”
