Banking Cybercrime Soars in South Africa - SABRIC 2023 Report
Cybercrime in South Africa surged by 45% in 2023, with financial losses nearing R3.3 billion, according to SABRIC’s annual report. Banking app fraud saw an 89% rise, while online card fraud grew 19%. SABRIC stresses the need for stronger partnerships.
The South African Banking Risk Information Centre (SABRIC) 2023 Annual Crime Statistics Report reveals a concerning increase in cybercrime, highlighting the vulnerability of the financial sector. Financial losses reached nearly R3.3 billion, with digital banking fraud, card fraud, and application fraud as the main drivers of these crimes.
According to the report, cybercrime surged by 45% in 2023, with a 47% rise in related financial losses.
Digital banking, in particular, was heavily impacted, with banking app fraud accounting for 60% of all digital crimes—a staggering 89% increase from the previous year. Criminals are using generative AI to craft fake emails, deepfakes, and other advanced fraud tactics, while traditional methods like phishing and vishing remain widespread.
The report also points to partnerships as key to combating these sophisticated threats.
SABRIC CEO Nischal Mewalall emphasized the importance of coordinated efforts to innovate security measures and tackle the growing cybercrime landscape.
Card fraud was another major concern, with Card Not Present (CNP) fraud in online transactions comprising 68% of gross losses, marking a 19% increase. Although counterfeit card fraud dropped by 48%, ATM attacks and robberies at bank branches continue to pose significant challenges.
