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The South African Banking Risk Centre’s (Sabric) latest fraud report indicates South Africans are as vulnerable as ever, and banks have warned those shopping online to be extra careful.

 

Sabric revealed in its Annual Crime Statistics report for 2023 that digital banking fraud had increased by 45% and related financial losses by 47%.

 

Interestingly, the report found that the most significant vulnerability within digital banking fraud was the banking app, which accounted for 60% of all digital banking crimes.

 

However, card fraud was found to still be a major issue, especially during online transactions.

 

Read the full article here: https://mybroadband.co.za/news/black-friday/568456-black-friday-warning-from-south-african-banks.html

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