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.
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.