A very common scam is to tell someone (via phone or SMS or email) that the legitimate person, who they regularly pay (each month or each year), has changed their banking details to a new account. The scammer then accepts a few payments and then runs off with the money before people realise that they have been scammed and paid the wrong person.
For example, a scammer might reach out to a Debt Counsellor or credit provider telling them that the bank details of the National Credit Regulator (NCR) have changed. They then share the “new” bank details (an account they have access to) and wait for the registrant to pay their annual renewal fees. They then run off with the money and the NCR doesn’t get paid. The registrant may think they have paid and end up deregistered or with a lapsed registration which can lead to massive problems for themselves, their staff or their clients.
‘a scammer might reach out to a Debt Counsellor or credit provider telling them that the bank details of the National Credit Regulator (NCR) have changed’
NCR Banking Details Scam
In the past, when some registrants have not paid their fees on time (or within a small grace period), the NCR has (1) lapsed the registration of the registrant and (2) moved their clients to other registrants. (3) The registrant has had to apply for registration all over again. Can you imagine if this happened to… Nedbank and the NCR then just moved all Nedbank clients over to ABSA as a result? You can see the chaos that could result (and legal ramifications).
So, it is important to pay those fees to the right account on time to avoid this situation. And for the record, the NCR has not changed their banking details, neither have any of the PDAs.
In an effort to remind registrants that these sorts of scams exist and that they should not fall for them, the NCR has sent out a circular (#4 of 2021) to warn people.
In part the circular says:
July is the month that our registrants are required to pay their annual registration renewal fees.
In the past, the NCR was made aware of people who were misleading our registrants about the NCR’s banking details. Some of our registrants received calls advising them that the NCR’s banking details have changed.
In instances where you receive such calls we would like to warn you that these are scams. Our banking details have not changed and the details have remained the same as below.
National Credit Regulator (name in full)
Standard Bank of South Africa
Your registration number (NCRCP…/ NCRDC…/ NCRCB…)
Fees may be paid by electronic transfer or by direct deposit and proof of payments must be sent to firstname.lastname@example.org
Please be vigilant when you receive such calls and contact the NCR immediately if in doubt. If you make payment into the wrong account, the NCR will not be able to receive the annual renewal fees and that could cause your registration to lapse.
Always Feel Free To Double Check
If you get contacted by someone making a claim about a changed bank account number then don;t just take their word for it. Double Check independently. Don’t get scammed.
If you would like to double check directly with the NCR about their banking info or if someone has reached out to you claiming to be from the NCR and saying the banking details have changed then please contact Tumelo Xhati on (011) 554-2806 or email@example.com or call the NCR Helpline: 0860 NCR NCR.