Fraudsters are targeting individuals and companies with large sums of cash in their bank accounts by phoning them alleging they are employees from banks wanting to collect depositors' personal information.
Once they get the account details, the fraudsters then siphon money from the targeted accounts.
The Herald understands that several people have lost money to the criminals in that way.
Police believe the criminals are cloning bank cards or are using modern technology to steal money from unsuspecting depositors.
Others are also contacting their targeted victims using either a landline or cellphone, purporting to be an employee of a certain bank and allege to be doing some security checks on the victim's account before requesting for a personal identification number (PIN).
Last week, social media was awash with reports of CABS account holders who had been duped.
National police spokesperson Assistant Commissioner Paul Nyathi confirmed receiving the reports and said investigations were in progress.