Digital banking crimes are on the rise‚ Sabric warns
SIM card swap fraud has more than doubled since 2017 — then there’s phishing, vishing and smishing
There has been a “massive increase” in fraud on banks' digital platforms that has the South African Banking Risk Information Centre (Sabric) “very concerned”. Sabric released statistics on digital banking crime for the first time on Thursday. These include comparable figures for 2017 and 2018 from January to August, which show that the number of incidents has increased 64% in 2018, although gross losses in rand increased just 7%. Commenting on the increase in digital banking crimes, Kalyani Pillay, the CEO of Sabric, said: “It is lots of money and lots of people are affected. We are pretty concerned about it.” The first release of data on crimes on app, mobile and online platforms reveals that they affected more than 13,000 consumers in 2017 and cost the industry just over R250m. No data on the cost to individuals was disclosed. Mobile banking fraud accounted for 5,719 of the 13 438 incidents reported to Sabric in 2017, banking app fraud 4,836 incidents and online banking fraud 2,88...
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