Sabric: Credit card fraud increases

The majority of fraudulent debit cards transactions occurred in Gauteng followed by KwaZulu-Natal.

The majority of fraudulent debit cards transactions occurred in Gauteng followed by KwaZulu-Natal. Picture: sxc.hu.

CAPE TOWN - Fraud involving lost and stolen credit cards increased in the past year, the South African Banking Risk Information Centre (Sabric) revealed on Tuesday.

Their statistics reveal that the majority of fraudulent debit cards transactions occurred in Gauteng followed by KwaZulu-Natal.

Sabric general manager Suzanne Potgieter told the Redi Tlhabi Show that the culprits were withdrawing less but larger amounts.

"From 1 January this year to the end of September, we find that from a monetary value perspective there's been a 22 percent increase. The interesting thing is that if you look at the number of actual incidents, there has been in fact a six percent decrease."

Potgieter said over the same period, debit card fraud decreased.

"Looking at debit card fraud the picture is totally different. We are thrilled that there's been a 42 percent decrease in the monetary value lost, but there's been a 13 percent increase in the number of actual fraudulent incidents."

Potgieter said it was difficult to combat the crime as it was widespread and often involved international syndicates.

She urged people to be vigilant when using their credit cards.