Over 16K fraud incidents on digital banking platforms between Jan & Aug

The South African Banking Risk Information Centre released statistics for the three major digital banking platforms namely banking apps, online banking and mobile banking.

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HOUGHTON - The South African Banking Risk Information Centre (Sabric) says digital banking crimes are on the rise with a 64% higher incident rate this time compared to 2017.

The banking centre revealed the hike while releasing the 2017/2018 digital banking crime statistics on Thursday.

Sabric released statistics for the three major digital banking platforms namely banking apps, online banking and mobile banking.

Of the three, the incidents of crime on mobile banking platforms doubled from almost 4,000 last year to more than 8,000 this year.

Sabric CEO Kalyani Pillay says this has cost over R23 million this year alone.

“For the whole of last year, we’ve had 13,438 incidents and, of course, each particular incident can comprise of a number of transactions. And then out of this, it resulted in growth fraud losses of over R250 million for 2017.”

Sabric says just between January and August this year, there were over 16,000 incidents of fraud on digital platforms costing more than R180 million.

(Edited by Mihlali Ntsabo)