DStv Channel 403 Saturday, 15 February 2025

Crime in SA | Increase in banking app scams

JOHANNESBURG - Banking app scams are rising rapidly. 

According to the 2023 South African Banking Risk Information Centre (SABRIC) Crime Statistics Report, South Africans lost R3.3-billion in financial crime.

Fraud on banking apps has become the dominant threat, accounting for 60 percent of all digital banking crimes, with a staggering 89 percent year-on-year increase.

WATCH: Crime in SA | Cyber criminals target banking apps

The latest scam involves scammers posing as well-known companies, such as TV-streaming services and airlines, offering fake discounts if you download an app.

Personal finance journalist Maya Fisher-French said many people have come forward.

"If you do realise that this is happening, obviously contact the bank immediately," she said.

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