SA losing billions to financial crimes - SABRIC
According to the South African
Banking Risk Information Centre, nearly R3.3 billion was lost to financial crimes in South
Africa last year.
It says cybercrime saw the sharpest rise, with digital banking fraud up by 45 per cent.
It was driven mainly by banking app fraud, which now accounts for 60% of all digital banking crimes.
READ: Black Friday scams: Here’s how to protect your money
SABRIC says card fraud also increased, with online fraud accounting for 68% of losses.
However, despite this, it has noted a 48% drop in counterfeit card fraud and a 41% decline in robberies at state-owned banking institutions like the Post Office.
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