By Johannes Abraham
Artificial Intelligence (AI) is transforming the financial industry, making banking more efficient and accessible.
However, fraudsters are also leveraging AI to create sophisticated scams that target individuals and businesses.
At Letshego Holdings, we are committed to ensuring your financial security and helping you stay informed about emerging threats. Understanding AI-driven fraud and taking proactive measures can help protect your finances and personal information.
How AI Fraud Affects You
Fraudsters are using AI to impersonate trusted financial institutions, to deceive customers into sharing sensitive information.
One of the most concerning scams is AI-powered phishing, where scammers send highly convincing emails or SMS, pretending to be representatives of financial institutions.
These messages often contain fake links that lead to fraudulent websites designed to steal your login credentials or banking details.
Another growing threat is deepfake technology, where fraudsters create realistic fake voice recordings or videos impersonating bank representatives. They may call clients, claiming to offer loan approvals or requesting verification details, tricking them into providing confidential information.
AI is also being used in automated social engineering, where scammers deploy AI chatbots or voice assistants pretending to be customer service agents. These bots can sound highly convincing, making it difficult to distinguish them from real bank representatives.
How to Stay Safe
- Letshego and its entities Letshego Micro Financial Services and Letshego Bank will never ask for your PIN, password, or OTP via email, SMS, or over the phone.
- Always verify before you trust. Contact us directly through official channels if you receive suspicious communication.
- Avoid clicking on unfamiliar links or downloading attachments from unknown sources.
- Enable two-factor authentication (2FA) for added security.
- Monitor your account regularly, and if you notice any unauthorised transactions or suspicious activity, report them immediately by contacting Letshego’s Call Centre on 061 202 3500. We also recommend requesting a temporary block on your account and changing your passwords without delay.
* Johannes Abraham is a Fraud Risk Manager at Letshego Holdings Namibia
