The 2025 Debt Rescue Consumer Savings Survey found that only 18% of South Africans save more than 10% of their monthly income, while 27% do not save at all. According to National Treasury estimates, only around 6% of South Africans retire with sufficient income to maintain their standard of living.
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FOR many South Africans, every rand saved represents careful budgeting, sacrifice and long-term planning. Building savings takes time and discipline, but losing it can happen in minutes if fraudsters gain access to your personal information or persuade you to invest in a scam.
The 2025 Debt Rescue Consumer Savings Survey found that only 18% of South Africans save more than 10% of their monthly income, while 27% do not save at all. According to National Treasury estimates, only around 6% of South Africans retire with sufficient income to maintain their standard of living.
This highlights the importance of not only building savings but also protecting them. A single fraud incident can potentially wipe out years of hard work, careful money management and financial progress.
“As consumers increasingly embrace digital banking, online investing and mobile payments, criminals are finding ever more sophisticated ways to target the savings consumers have worked so hard to build,” says Shaun Pillay, Head: Fraud Risk Management, Insurance and Asset Management, Standard Bank Group. “In many cases, years of careful financial planning can be undone in a matter of minutes by a convincing phone call, text message or fake investment opportunity. The good news is that many scams can be prevented if consumers know what warning signs to look for and take a few simple precautions."
As South Africans look for ways to save, invest and manage their finances online, fraudsters are constantly seeking opportunities to target the money and assets consumers have worked hard to build. Among the most common are phishing attacks, WhatsApp and impersonation scams, SIM-swap fraud, investment scams promising unrealistic returns, and fake online shopping offers. These schemes use deception to obtain money, personal information or account access. Fraudsters often rely on social engineering tactics that exploit trust, urgency, fear or greed to persuade victims to take action.
The most important step in protecting your savings from fraud is staying alert and vigilant, says Pillay.
“Be sceptical of unsolicited messages, especially those demanding urgent action or offering rewards. Do not click on suspicious links or download attachments from unknown senders. Verify any request for personal information, account details or payment directly with the organisation, using official contact details.”
You should also practice good digital hygiene and never share your PIN, passwords or one-time PINs with anyone. Use strong, unique passwords for every account and avoid reusing passwords across platforms. Where possible, use a password manager and enable multi-factor authentication on your banking, email and social media accounts. Avoid using public wi-fi for financial transactions and always verify website URLs. Fraudulent sites often mimic legitimate ones (for example, using “.co” instead of “.com”).
Protecting your savings also requires regular monitoring of your financial accounts and records. Review your bank and investment statements frequently, report suspicious activity immediately, and shred documents containing sensitive information before disposing of them.
Protecting your savings is not only about making good financial decisions, but also about ensuring they are safeguarded from fraud. A trusted financial adviser can play an important role in helping you do both. Before working with an adviser, verify their credentials through the Financial Sector Conduct Authority (FSCA) and ensure they are authorised to provide financial advice. Don't hesitate to ask how they are compensated and what measures they recommend to help safeguard your finances.
Fraud prevention should form part of every discussion about your financial future. Ask about emerging scams, how to verify communications from financial institutions, and what steps to take if you receive an unsolicited investment offer or suspect fraudulent activity. Having these discussions can help strengthen your defences and protect your long-term financial goals.
Saving money is difficult enough without having it stolen through fraud. Every contribution towards your financial future represents hard work, discipline and sacrifice. Just as you take steps to grow your savings, it is equally important to take steps to protect it. Fraud awareness is not separate from financial planning; it is an essential part of preserving the financial progress you have worked so hard to achieve. If something seems too good to be true, it probably is. Taking a few minutes to verify an offer, message or request before acting could protect years of hard-earned savings and prevent a costly setback to your financial future.
PERSONAL FINANCE