Digital banking fraud on the rise - report

SABRIC's latest annual crime statistics show digital banking fraud increased by 33% between 2019 and 2020, while debit card fraud rose by 22%. The flux in trends reflects the changing spending habits of South Africans brought on by lockdown. Reporter Barry Bateman has more on this story. #eNCA Courtesy #DStv403

JOHANNESBURG - SABRIC's latest annual crime statistics show digital banking fraud increased by 33% between 2019 and 2020, while debit card fraud rose by 22%.

According to a cybercrime expert, in South Africa, a single day of cybercrime equivalent to a year's worth of cash-in-transit heists.

IRS Financial investigator, Chad Thomas, says says it is estimated that by the end of this year, cybercrime would have affected the world to the tune of $ 6.5 trillion. 

READ: Crime in SA | WATCH | CIT Heist season coming - experts

It is further estimated it is costing South Africa over R2 billion a year.

The rise in cybercrime has been attributed to changes in consumer behaviour, helped by strict COVID-19 regulations.

Criminals change their ways as quickly as authorities can crack down on them.

The most important advice is for consumers themselves to be vigilant.

Watch the video above for more details on this story

Source
eNuus

Paid Content