TymeBank alerts customers and all consumers to VAT phishing scam

Johannesburg, 15 April 2025 – TymeBank is cautioning consumers about fraudsters using notifications about the VAT increase, which is expected to come into effect on 1 May, as bait to trick you.  

“It’s not just banking customers who are being targeted. Anyone who has an account or subscription where VAT is payable, be that a mobile service provider, a retailer, a healthcare service provider or similar, is at risk,” says George Wandsella, Head of Operational Risk and Fraud at TymeBank.

The fake notifications create a sense of legitimacy and urgency, urging users to click on links to “learn more”, “see updated charges/fees” or “verify their accounts.” These links typically lead to phishing sites created to steal login credentials.

This latest trend highlights the growing threat of opportunistic cybercrime, with fraudsters also taking advantage of certain times in the year, such as holidays and tax filing seasons.

“TymeBank has zero tolerance for fraud and is unwavering in our commitment to protect our customers. We urge them to be cautious, and to stop and think before they click,’’ says Wandsella.

Phishing and vishing are cybercrime tactics where attackers impersonate legitimate institutions—such as banks—in an attempt to trick individuals into revealing personal or financial details, including passwords, card numbers, or one-time passwords (OTPs). These scams often come via emails, SMSes, or fake websites made to resemble genuine services.

TymeBank reminds customers of the following essential security practices:

1. Verify all communication: Never share personal passwords, PINs, or OTPs. TymeBank—and all reputable banks—will never request this information via phone, email, or SMS.

2. Activate multiple authentication factors: Use biometric authentication, such as fingerprint or facial recognition, on your banking app to enhance account security.

3. Be alert to SIM swap fraud: Pay attention to unexpected loss of mobile signal, SMS delivery issues, or unfamiliar SIM notifications. These may indicate a SIM swap. Contact your mobile provider immediately and notify TymeBank if you are a customer.

4. Verify unexpected callers: Even if the caller ID appears to show your bank’s number, remain cautious. Fraudsters can spoof numbers to look legitimate. Hang up and call the bank using verified contact details.

5. Maintain device security: Keep your smartphone’s operating system and banking app updated to the latest version to benefit from security enhancements.

6. Monitor your accounts: Check your transactions regularly and enable real-time notifications to spot any unusual activity quickly.

7. End suspicious interactions immediately: If you receive a suspicious or high-pressure call, SMS, or email, end the interaction immediately and report it to your bank directly.

8. Be wary of urgency tactics: Scammers often create a false sense of urgency. Always take time to verify requests, no matter how urgent they seem.

About TymeBank

TymeBank is currently one of the world’s fastest-growing digital banks and the first digital bank to reach profitability in Africa, with 11 million customers since launching in February 2019. The bank is founded on simplicity, transparency and affordability and is designed to make digital banking accessible and affordable to all South Africans across the economic spectrum. TymeBank has no monthly banking fees, it takes less than five minutes to open an account and in most cases transaction costs are 30 to 50% lower than what customers would pay at other local banks. Through a distribution partnership with Pick n Pay, Boxer, and TFG stores, TymeBank has over 1,000 kiosks and 15,000 retail points across the country. Retail Capital, a division of TymeBank, is the largest SME funder of its kind in the sector.

For more information visit www.tymebank.co.za

About Tyme

Tyme is a multi-country digital banking group focused on serving consumers and SMEs in emerging markets. Headquartered in Singapore, with a technology and product development hub in Vietnam, Tyme designs, builds, and operates digital banks, with a particular expertise in emerging markets. In December 2024 Tyme Group reached unicorn status with a US $.1.5 billion (~R26.7 billion) valuation after securing US$250 million in its latest capital raise.

Tyme recognises the unique challenges of banking in emerging markets, and leverages technology innovatively, through a high tech-high touch approach, to meet the needs of emerging market customers. It launched its second digital bank, GoTyme, in the Philippines, in partnership with the Gokongwei Group, in October 2022. Across the Group, Tyme now serves over 15 million customers.

For more information, please visit www.tyme.com.

Issued by Aprio on behalf of TymeBank

For queries please contact: 

Cecilia Pinto Taylor - 0833259169 or cecilia@aprio.co.za Pontsho Ramontsha - 0724717357 or pontsho.ramontsha@tymedigital.com