Initially, she thought the incident was merely inconvenient as she dealt with a stolen phone and getting a replacement. “It's super-inconvenient. You've got to do a SIM swap, get a new phone. My phone wasn't insured. Fine. That's really bad luck,” she said.
However, the situation escalated dramatically. The next day, after a frustrating SIM swap process, she learnt her bank accounts had been cleared.
“I had a heart attack,” Naidoo said. “They have cleaned out my savings account. They cleared up to R500,000 on the credit card and I had an access bond so they withdrew all the money from my bond and put that into my savings and spent that. As soon as I saw it, I ran to FNB — and they did the same on FNB. I recently sold my house. All that money was sitting in my savings,” she said.
Naidoo urged people to act swiftly if their phone is stolen.
“If your phone does get stolen, there is a way. I haven't figured out how they got [into] my apps without facial recognition and a password. I’m trying to figure that out,” she said. “So phone your banks immediately if your phone is stolen.”
The incident highlights a broader issue in South Africa, where an average of 189 cellphones are stolen daily.
According to the police, more than 412,998 mobile phones were reported stolen between April 2017 and March 2023. Alarmingly, Gauteng accounts for 29% of the thefts.
In 2022, the South African Banking Risk Information Centre (Sabric) reported 75% of mobile banking fraud incidents involved SIM swaps. Though this percentage decreased to 58% in 2023, the threat remains significant, with SIM swaps allowing fraudsters to intercept authentication messages and access victims' accounts.
Phone thieves 'cleaned out' my bank accounts, says Shashi Naidoo
Actress urges people to act swiftly if their phone is stolen
Actress and former TV presenter Shashi Naidoo has become the latest victim of a disturbing trend in South Africa, revealing criminals accessed more than R500,000 from her bank accounts without needing passwords.
The incident occurred shortly after her phone was snatched as she arrived at the opening of the Okio Nightclub and Bellucci Luxury Lounge in Sandton.
When Naidoo exited her cab, a scream cut through the festivities, signalling her distress.
“This is why I live in Dubai,” she said, visibly shaken and dressed in a shimmering gold dress.
In a heartfelt Instagram post, Naidoo shared the details of her harrowing experience. “I had a bit of a nightmare in South Africa that's turning into a horror story,” she said.
She recounted how when she arrived at the event, someone ran up to her, grabbed her phone and fled.
“On Wednesday I was MCing an event and as I got out of my Uber and into the parking lot someone ran up to me and grabbed my phone. That is what I thought was the end of it. And you know that story?” she said.
Initially, she thought the incident was merely inconvenient as she dealt with a stolen phone and getting a replacement. “It's super-inconvenient. You've got to do a SIM swap, get a new phone. My phone wasn't insured. Fine. That's really bad luck,” she said.
However, the situation escalated dramatically. The next day, after a frustrating SIM swap process, she learnt her bank accounts had been cleared.
“I had a heart attack,” Naidoo said. “They have cleaned out my savings account. They cleared up to R500,000 on the credit card and I had an access bond so they withdrew all the money from my bond and put that into my savings and spent that. As soon as I saw it, I ran to FNB — and they did the same on FNB. I recently sold my house. All that money was sitting in my savings,” she said.
Naidoo urged people to act swiftly if their phone is stolen.
“If your phone does get stolen, there is a way. I haven't figured out how they got [into] my apps without facial recognition and a password. I’m trying to figure that out,” she said. “So phone your banks immediately if your phone is stolen.”
The incident highlights a broader issue in South Africa, where an average of 189 cellphones are stolen daily.
According to the police, more than 412,998 mobile phones were reported stolen between April 2017 and March 2023. Alarmingly, Gauteng accounts for 29% of the thefts.
In 2022, the South African Banking Risk Information Centre (Sabric) reported 75% of mobile banking fraud incidents involved SIM swaps. Though this percentage decreased to 58% in 2023, the threat remains significant, with SIM swaps allowing fraudsters to intercept authentication messages and access victims' accounts.
Sabric also highlighted a concerning trend in 2024 of synthetic identity fraud.
“It remains the most common form of identity theft where fraudsters create fictitious identities by combining real and fake information, making detection challenging. Fraudsters are increasingly leveraging AI for sophisticated attacks. AI can emulate voices, create fake IDs and manipulate biometric tools, posing significant risks,” said Sabric.
Despite a decline in the number of reported mobile banking fraud incidents, the financial implications are severe, it said.
“Though online banking fraud accounted for only 21% of reported incidents, it resulted in the second-highest proportion of gross losses at R411,706,461. Between 2022 and 2023 there was a 2% increase in financial losses per incident. The average value per incident in 2022 was R36,614, while in 2023 it rose to R37,197.
“In 1.6% of cases, a SIM swop formed part of the total number of investigations conducted.”
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