Standard Bank says that one day in a country called Mzansi there was an alarming trend on the rise: scammers were taking advantage of innocent South Africans and defrauding them of their hard-earned moolah.

The South African Fraud Service's 2024 statistics showed a 32% increase in reported fraud incidents in the previous year and banking fraud accounted for 45% of those incidents. Meanwhile, South Africa recorded a 600% increase in fraud cases between 2018 and 2022. It was becoming a desperate situation and with AI technology enabling them, scammers are getting ever more convincing.

Through a drive called #BeatTheScam Standard Bank says that it made it the bank's mission to educate the public about the different types of scams out there and prevent them from falling prey to criminals.

But despite the bank's best efforts, some people are still getting caught. So, Standard Bank says that it worked with its creative agency, VML South Africa, to come up with a more novel approach.

'Fraud Is No Fairytale'

'Fraud Is No Fairytale' is a series of audio clips that adapts classic children’s fairytales into cautionary tales for adults, says the bank. 

"Each fairytale talks to a different fraud scam," says Theo Ferreira, Executive Creative Director at VML South Africa. "We started with a list of 12 scams, and we've produced seven fairytales so far. The plan is to see how people respond and then we can do more."

According to Standard Bank, listeners can hear the tragic tale of Weeping Beauty, who falls prey to a charming scammer on a dating site, and the despicable antics of scheming duo Hansel and ReGretel, who follow your breadcrumbs and pose as an elderly couple in distress to scam well-meaning donors. 

The bank says that others in the series include: 

  • Goldie Unlocks Devices
  • Little Red Robbing You, and 
  • the Pied Swiper.

Moral of The Story

By weaving the educational messaging into classic, well-known fairytales, the team turned information that is often ignored, perceived as boring or too difficult to comprehend into an engaging story, says the bank. 

"The reason why fairytales exist is that they're educational," says Ferreira. "There's often a villain involved, be it the Big Bad Wolf or some other baddie, and the story is about not becoming a victim. These fairytales for adults do the same thing. There's a villain involved, and the story educates people about how to avoid them."

Magical and Enchanting

To bring the fairytales to life in a recognisable and convincing way, the execution had to be well-crafted. "We set out to create a simple, yet striking fantasy world that aligned with Standard Bank's brand image," says VML Creative Director, Francois Botes. "Our audio paints a picture of a fantasy realm where Standard Bank is the hero and protector against scams."

Standard Bank says that the team used classic fairytale sounds, including chimes, a moody soundtrack and a mellifluous narrator. Knowing the tracks were going to sit in a digital environment on YouTube and Spotify, they carried the themes through into attention-grabbing visuals. This included a fantastical reimagining of the Standard Bank logo. 

"The brand's logo became the perfect metaphor and symbol to represent protection against fraud," says Botes. "We want to ensure that our fairytales are framed within the Standard Bank shield."

Fraud is a scary and often complicated subject. While it may be some time yet before South Africans can transact happily ever after, 'Fraud Is No Fairytale' makes learning about fraud accessible and even enjoyable, helping people recognise and protect themselves from scams without feeling overwhelmed, says the bank. 

Botes concludes, "Ultimately, we want to ensure that people's financial stories don't start with 'Once upon a scam'."

For more information, visit www.standardbank.co.za. You can also follow Standard Bank on Facebook, LinkedIn, or on X. 

*Image courtesy of contributor