African Bank warns against credit fraud

13-11-24 / Shelly Nxumalo

African Bank warns against credit fraud

Johannesburg - In an increasingly digital world, credit fraud is a growing concern that can have long-lasting consequences on individuals' financial wellbeing. African Bank is committed to protecting South Africans from fraudulent activities that compromise credit scores and increase financial vulnerability. As part of its "Backing You" campaign, the bank emphasises the importance of awareness, vigilance and responsible credit use.

Credit fraud can take many forms, from identity theft to the use of stolen information to open credit accounts. Fraudulent activities can leave victims with significant debt and can damage their credit records, impacting their ability to secure loans and manage finances. African Bank provides a range of tips and resources to help consumers safeguard themselves against fraud and make informed choices.

"At African Bank, we're dedicated to supporting our customers in building strong financial health," said Sibongiseni Ngundze, CEO of Personal Banking at African Bank. "One of the most critical aspects of this is educating South Africans on the dangers of credit fraud and empowering them with tools to protect themselves. Fraud awareness is a crucial part of maintaining good credit and financial security."

African Bank's digital platforms include robust security features designed to keep customer information secure. The bank recommends that individuals regularly monitor their credit reports, use strong passwords, and never share personal information over unsecured channels. Additionally, African Bank offers personalised support to customers who may have been affected by credit fraud, providing guidance on the necessary steps to restore their credit status.

By promoting fraud awareness, African Bank seeks to equip South Africans with the knowledge to identify and avoid potential risks. Through responsible lending and comprehensive educational resources, the bank aims to protect customers' financial futures and foster a culture of financial security.