Banks to educate people on credit card fraud
Consumers have been warned to exercise caution as credit card fraud is increasing in the Western Cape.
CAPE TOWN - With the festive season upon us, both credit and debit card fraud is on the rise in the Western Cape.
But the South African Banking Risk Information Centre (Sabric) says the crime is generally on the decrease across the country.
Between January and September 2011, the country's banks recorded more than R580 million in losses due to card fraud.
Sabric CEO Kalyani Pillay says they have only reported just over R500 million in losses for the same period in 2012.
"We've seen an 18 percent reduction over the last nine months in terms of credit card fraud. We've also seen a seven percent reduction in debit card fraud so for us, in the banking sector, it is significant."
But she is concerned, saying crime has increased by more than 20 percent in the Western Cape.
"People need to be educated. The police, together with the banking sector, are working on a number of initiatives."