Digital banking fraud on the rise

South Africans also lost a total of R129-million to online banking fraud.

File: South Africans also lost a total of R129-million to online banking fraud.

Pixabay

JOHANNESBURG - Incidents of digital banking fraud soared in 2018.

According to the latest banking crime stats, criminals are using increasingly complex ploys to steal money from customers.

The report by the banking sector's Risk Information Centre found that reported incidents of digital banking crime grew by 75-percent to over 22,000 between 2017 and 2018.

READ: Capitec, FNB named South Africa's best digital banks

Around R262-million was lost to digital fraud in 2018, compared with around R250-million in 2017.

South Africans also lost a total of R129-million to online banking fraud.

In such fraud, criminals have used phishing emails that request users to click on a link in an email.

Source
eNCA