Digital banking fraud is on the rise in South Africa.
The South African Banking Risk Information Centre (Sabric) revealed the shocking 2017/2018 digital banking statistics on Thursday.
Sabric says that digital banking crimes are on the rise with a 64% higher incident rate this time compared to 2017.
It released stats for the three major digital banking platforms namely banking apps, online banking and mobile banking.
There has been no compromise on the banking apps, online banking and mobile banking.— Kalyani Pillay, SABRIC CEO
The issue is criminals are getting their hands on personal and banking confidential information and once they are in possession of any one of that information they can go to any one of those platforms and transact.— Kalyani Pillay, SABRIC CEO
We are seeing bank customers responding to phishing emails and phone calls asking for personal information purporting to be from the bank or a reputable company.— Kalyani Pillay, SABRIC CEO
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This article first appeared on 702 : Fraud incidents on digital platforms have spiked this year