PROJECT: THE DANGER OF FRAUD AND SCAM APPS

isabels39
Apr 24
5 min read

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South Africa is experiencing a significant surge in digital fraud, with scam apps at the forefront of this alarming trend. According to the South African Banking Risk Information Centre (Sabric), digital banking fraud losses escalated from R735,000 in 2022 to a staggering R1.1 billion in 2023 - a 47% increase.

Notably, banking app fraud accounted for 60% of all digital banking crimes, with an average loss of R19,793 per incident.

These fraudulent apps often masquerade as legitimate financial tools, offering quick loans, investment opportunities, or discounted shopping deals. Once installed, they steal personal information, siphon funds, or lock users out of their devices.

The psychological impact is profound, with many victims reporting anxiety,

loss of trust in digital platforms, and financial hardship.

As the digital landscape evolves, so do the tactics of cybercriminals.

It is imperative for South Africans to remain vigilant, informed, and proactive in identifying and avoiding malicious applications.

HOW FRAUD AND SCAM APPS WORK:

FAKE INVESTMENT OR LOAN APPS:
- These apps promise:
  - Quick cash or easy loans.
  - Guaranteed high returns
  - "Low interest" deals with no paperwork.
- Victims are often asked to pay a "registration" or "admin" fee upfront, and once paid, the money disappears and no loan or investment return is ever forthcoming.
PHISHING OR MALWARE APPS:
- These apps are designed to look like trusted platforms (e.g., banks or wallets).
- Once installed:
  - They steal your login details, passwords, and OTPs.
  - They access your messages, camera, and contacts.
  - You may unknowingly grant full control of your device.
SHOPPING OR DELIVERY SCAM APPS:
- Usually promoted on platforms like Facebook or TikTok, these apps:
  - Offer smartphones, appliances, or fashion items at too-good-to-be-true prices.
  - They accept your payment and never deliver.
  - These apps also collect your credit card information for potential future fraud.
CRYPTO & FOREX "TRADING" PLATFORMS:
- These display fake dashboards and charts to make it appear as though you are earning money.
- But when you try to withdraw:
  - You are asked to pay a "release" or "tax" fee.
- Once paid, the app stops responding and your funds are lost.

HOW TO IDENTIFY THESE APPS:

TOO-GOOD-TO-BE-TRUE OFFERS:
- Beware of:
  - “Earn R10,000 per week—no experience!”
  - “Borrow R5,000 instantly—no paperwork!”
- If it sounds too good to be true, it probably is.
NOT AVAILABLE ON OFFICIAL APP STORES:
- Legitimate apps are available through:
  - The Google Play Store
  - The Apple App Store
- If you are asked to download an app from a website, a WhatsApp link, or Telegram, it is likely a scam.
POOR REVIEWS AND LOW DOWNLOAD NUMBERS:
- Before downloading:
  - Check user reviews for complaints like "lost money", "can’t withdraw", or "fake app".
  - Avoid apps with low ratings (under 3 stars) or very few downloads.
NO REAL COMPANY INFO:
- Fraudster apps often:
  - Do not list a real company name or registration number.
  - Link to fake or broken websites.
  - Offer no customer support.
PRESSURE TACTICS:
- Scammers use urgency to rush your decision:
  - "Limited spots left!".
  - "Offer expires in 30 minutes!".

PRECAUTIONARY MEASURES AGAINST THESE APPS:

ONLY DOWNLOAD FROM TRUSTED SOURCES:
- Stick to official app stores.
- Avoid installing apps from:
  - Links in DMs or chats.
  - Random ads on social media.
  - Forwarded messages on WhatsApp or Telegram.
READ REVIEWS AND DO THOROUGH VETTING:
- Before installing:
  - Read what users are saying.
  - Search online: "[App Name] + scam" or "[App Name] + reviews.
  - Visit https://www.fsca.co.za to check if the app is registered in South Africa (especially for finance, loans, or crypto).
LIMIT APP PERMISSIONS:
- Check the permissions the app requests.
- A finance app should not need access to your:
  - Camera
  - Location
  - Contacts
  - Messages
- If it does, delete it.
INSTALL MOBILE SECURITY:
- Use trusted antivirus or mobile security tools like:
  - Bitdefender.
  - Avast.
  - Kaspersky.
  - Also, enable Google Play Protect on Android devices.
NEVER SHARE BANKING INFO OR OTPs:
- Legitimate apps and institutions will never ask for:
  - Your banking PIN.
  - OTPs sent via SMS.
  - Full card numbers via chat or email.

WHAT TO DO IF YOU THINK YOU HAVE BEEN SCAMMED:

Delete the app immediately.
Change your passwords and PINs.
Contact your bank to freeze or block your account.
Report the app on:
- Google Play Store.
- Apple App Store.
You can also report to the South African Police Service (SAPS) and the FSCA.
Contact Mr. Mike Bolhuis of Specialised Security Services for assistance from their highly qualified Cybersecurity Team.

In an increasingly digital world, convenience often comes with risk. Fraudster apps have become one of the most dangerous cyber threats in South Africa, preying on people’s financial vulnerability, curiosity, or even desperation.

These apps will steal your money, your personal information, and your peace of mind.

Protecting yourself begins with awareness. Scrutinise every app before installing it. Check the developer, read the reviews, verify the download source, and trust your instincts. If something sounds too good to be true, it almost always is.

Your safety is worth more than a promise of quick cash or unbelievable deals. By staying informed and sharing this knowledge with friends and family, you protect yourself and help create a safer online community for all South Africans.

Specialised Security Services invites the public to the Mike Bolhuis Daily Projects WhatsApp Channel.

This channel is important in delivering insights into the latest crime trends, awareness, warnings and the exposure of criminals.

How to Join the WhatsApp Channel:

1. Make sure you have the latest version of WhatsApp on your device.

2. Click on the link below to join the Mike Bolhuis Daily Projects WhatsApp Channel:

- https://whatsapp.com/channel/0029VarjftF8PgsI4pODE929

3. Follow the prompts to join the channel.

4. Make sure you click on "Follow", then click on the "bell"-icon (🔔)

CONTACT MR MIKE BOLHUIS FOR SAFETY AND SECURITY MEASURES, PROTECTION, OR AN INVESTIGATION IF NEEDED.

ALL INFORMATION RECEIVED WILL BE TREATED IN THE STRICTEST CONFIDENTIALITY AND EVERY IDENTITY WILL BE PROTECTED.

Regards,

Mike Bolhuis

Specialist Investigators into

Serious Violent, Serious Economic Crimes & Serious Cybercrimes

PSIRA Reg. 1590364/421949

Mobile: +27 82 447 6116

E-mail: mike@mikebolhuis.co.za

Fax: 086 585 4924

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EXTREMELY IMPORTANT: All potential clients need to be aware that owing to the nature of our work as specialist investigators there are people who have been caught on the wrong side of the law - who are trying to discredit me - Mike Bolhuis and my organisation Specialised Security Services - to get themselves off the hook. This retaliation happens on social media and creates doubt about our integrity and ability. Doubt created on social media platforms is both unwarranted and untrue. We strongly recommend that you make up your minds concerning me and our organisation only after considering all the factual information - to the exclusion of hearsay and assumptions. Furthermore, you are welcome to address your concerns directly with me should you still be unsatisfied with your conclusions. While the internet provides a lot of valuable information, it is also a platform that distributes a lot of false information. The distribution of false information, fake news, slander and hate speech constitutes a crime that can be prosecuted by law. Your own research discretion and discernment are imperative when choosing what and what not to believe.

STANDARD RULES APPLY: Upon appointment, we require a formal mandate with detailed instructions. Please take note that should you not make use of our services – you may not under any circumstance use my name or the name of my organisation as a means to achieve whatever end.

POPI ACT 4 of 2013 South Africa: Mike Bolhuis' "Specialised Security Services" falls under Section 6 of the act. Read more here: https://mikebh.link/fntdpv