By Staff Writer
29:09:2021

On behalf of the banking sector, the South African Banking Risk and Information Centre’s (SABRIC) annual crime statistics observed an increase in banking-related crime during 2020, primarily comprised of increases in digital banking fraud, which increased by 33%.

Cash In Transit (CIT) crimes increased by around 22% in 2020; however, no CIT incidents during the hard lock-down between April and May 2020.

Speaking to Radio Islam International, Nischal Mewalall, the CEO of SABRIC, noted that a key factor informing the increase in digital Fraud is the simultaneous increase in digital transactions. These were a result of the lock-down, which saw consumers needing to use such transaction modes.

Interestingly enough, it was noted that debit card fraud increased by 22%, while credit card fraud decreased by 7% in the same period. This Mewalall argued it was since consumers, feeling the brunt of the economic slowdown, sought to pay using their funds rather than credit.

Phishing and SIM swaps also increased, with Mewalall cautioning consumers against responding to unknown emails and clicking on unknown links. Cybercrime and ransomware attacks also increased, even on South Africa’s Justice Department, with Mewalall noting that the country was seen as a soft target.

The scrutiny of consumer bank statements was also encouraged to respond quickly to possible card cloning and debit order fraud.

[LISTEN] to the podcast here