A new phishing scam which uses the logos of the Banking Association SA and the SA Revenue Service has been identified.

"The scam invites customers to provide their personal information with a promise of paying compensation to victims of other internet scams promising tax refunds," the Banking Association SA said in a statement.

This compensation was said to come from "The Victims Redress and Compensation Funds (VRCFs)".

However, the association's MD Cas Coovadia confirmed that this fund did not exist.

He said the Banking Association SA wished to distance itself from the scandal.

"We call upon all persons to be extra vigilant with their information and to disregard this email and its contents," Coovadia said.

Customers were reminded to always keep their personal banking details and access codes a secret.