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.
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.
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