Capitec warns people who use WhatsApp

Capitec is seeing a rise in WhatsApp scams and urged its users to be vigilant when using the messaging platform.

On 26 March 2025, Capitec sent an in-app warning to its customers advising them to beware of scams on WhatsApp.

“Scammers may message you on WhatsApp, promising big profits quickly,” the alert read.

“They add you to groups where others share fake success stories. Some early investors may even get paid to make it seem real, but it’s a trap. Most people will lose their money.”

Capitec told Daily Investor that WhatsApp scams are one of several common scams the bank is currently seeing.

Other prevalent scams include romance scams, SIM swap and remote access fraud, business email compromise and fake invoice scams, and online marketplace scams, which are committed on platforms like Facebook or Gumtree.

Worryingly, Capitec said it has seen a noticeable increase in scams originating from WhatsApp over the past 12 to 18 months.

“WhatsApp is a valuable and widely used platform for communication,” the bank said.

“Unfortunately, like many such platforms, it can be misused by scammers who exploit the sense of trust and familiarity the platform conveys. We continue to work towards raising awareness and helping clients stay protected.”

According to Capitec, there are a number of reasons fraudsters use WhatsApp to target victims.

In the first place, WhatsApp feels more personal, which can lower a victim’s defences.

“Direct messaging on WhatsApp allows scammers to avoid traditional email filters and reach individuals more directly,” the bank explained.

“Scammers use group chats to create a false sense of legitimacy, convincing victims that they are part of a trustworthy community.”

Since pressure tactics are often an important tool used by scammers, the messaging platform’s real-time communication feature can be useful to defraud victims.

“WhatsApp’s instant messaging feature enables scammers to pressure victims into making quick, impulsive decisions.”

Capitec said the most common types of WhatsApp scams involve fake job offers, investment scams, and impersonation cases.

Job scams occur when fraudsters impersonate digital marketing companies or platforms like AliExpress, offering fake job opportunities that promise easy money for simple tasks.

“Victims are often asked to pay an upfront fee to ‘unlock’ higher earnings, only to lose their money once the scammer disappears,” the bank explained.

Young job seekers are especially susceptible to this kind of scam. “They are often drawn to online income opportunities, making them prime targets for job scams.”

To avoid this scam, the bank urged WhatsApp users to be wary of job offers.

“Reputable companies will not offer you a job via WhatsApp or Telegram. Always verify job ads through official channels,” Capitec said.

Investment scams involve scammers using WhatsApp to promote fake investment opportunities, often enticing victims with promises of quick returns, including fake “crypto” schemes or “stokvel-style” offers.

“These scams typically rely on urgency, peer pressure, and false social proof to get victims to invest quickly.”

Doing due diligence before making an investment can go a long way in staying safe from this type of scam.

Users should avoid any investment opportunities that are not registered with the Financial Sector Conduct Authority.

Impersonation scams occur when fraudsters pose as friends or family members, claiming they are in urgent need of financial help. They often cite a new number or an emergency situation.

Older individuals are more at risk of falling victim to this type of scam, Capitec explained.

“They may fall for emotionally charged pleas from scammers posing as friends or family members in need of urgent help.”

Capitec said that “WhatsApp takeovers” are another way that scammers are defrauding users.

“Victims are tricked into sharing a One-Time PIN (OTP), which scammers then use to hijack their WhatsApp account. They then contact the victim’s contacts, pretending to be them, and ask for money.”

Finally, WhatsApp is also being used for phishing and fake competitions.

Scammers may send messages containing malicious links or fake competition offers, attempting to trick recipients into revealing personal or financial details.

Apart from young job seekers and older individuals, small businesses are also prime targets for WhatsApp scams.

“These individuals may be targeted with supplier scams or payment redirection schemes,” Capitec said.

Anyone with a compromised WhatsApp account is also in danger of WhatsApp scammers, the bank added.

“Once a scammer gains access to one account, they may target the victim’s contacts for further scams.”

To avoid scams on messaging platforms, Capitec advised that consumers should question offers that seem too good to be true.

“If something promises high returns with little effort, it’s likely a scam,” the bank said.

In addition, the bank added that WhatsApp users should never share their OTP or banking details, even if the request comes from someone they know.

“If a friend or family member asks for money unexpectedly, call them directly to confirm the request,” it said.

Where consumers suspect that they have fallen victim to a scam, Capitec stressed that time is critical – if you believe you have been scammed, you should contact your bank immediately.

“Our teams are ready to act quickly to secure your account, investigate the issue, and guide you through the recovery process. Reporting promptly is essential for the best chance of recovery.”

Capitec added that it aims to educate as many clients as possible about fraud/scams through its social media and its financial education platforms, which can be accessed on WhatsApp (087 240 5757) and the bank’s website.

“We urge all clients to stay vigilant, be sceptical of any requests or opportunities that don’t feel right and avoid making decisions under pressure. If in doubt, always reach out to us before taking any action.”

“At Capitec, we remain committed to helping our clients stay safe through education, proactive fraud prevention tools, and responsive support.”

This article was first published by Daily Investor and is reproduced with permission.