In March 2026, Standard Bank publicly warned about AI-generated voices, cloned emails and deepfake content being used to mimic legitimate bank communications and staff. This type of activity has continued through to mid-2026 with the South African Banking Risk Information Centre (Sabric) also warning that criminals are using AI tools to impersonate bank officials, create fake apps and manipulate digital platforms to steal money.
However, many local banks are still struggling with legacy tech, slow change processes, limited data visibility and a risk that is growing faster than their response.
According to the 2026 Anti-Fraud Technology Benchmarking Report from the Association of Certified Fraud Examiners, which includes input from sub-Saharan Africa, the AI-driven fraud schemes most cited as having increased significantly over the past two years were deepfake social engineering (44%) and consumer fraud and scams (38%).
South African consumers are already speaking to well-scripted AI agents posing as bank staffWhat’s more, over the next two years, significant growth is expected in generative AI document fraud and forgery (55%), deepfake social engineering (55%) and deepfake digital injection (54%).
Despite this growing threat, the same report shows that only 7% of organisations are more than moderately prepared to detect and prevent AI-powered fraud.
It’s not theoretical anymore. South African consumers are already speaking to well-scripted AI agents posing as bank staff and being coached in real time over the phone to approve transactions and share credentials. In most cases, the fraudsters already hold key personal details like ID numbers, which instantly lowers a victim’s guard. Or attackers use a slight variation where they impersonate financial personalities rather than bank staff to carry out investment-endorsement fraud, as the Financial Sector Conduct Authority warned in June.
