Women heavily targeted in bank card fraud: report

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JOHANNESBURG - The South African Banking Risk Information Centre (Sabric) said it was concerned by the rise in bank card fraud which cost the country more than R800-million in 2018.

Statistics show that there was an 18 percent increase in combined gross card fraud losses on South African-issued cards totalling R873,394,351, with credit card fraud increasing by 18.4 percent and debit card fraud increasing by 17.5 percent. 

READ: Credit card fraud increasing rapidly

According to a 2018 report conducted by Statistics South Africa, 53.8 percent of the country's fraud victims were women.

"It is concerning that many of South Africa's bank fraud victims are women," said Manie van Schalkwyk, the executive director of the Southern African Fraud Prevention Service (SAFPS).

READ: Credit card fraud: what you need to know

"As with any fraudrelated crime, this is an issue that needs urgent attention."

Sabric crime stats show that lost and/or stolen debit card fraud amounted to 42.5 percent of all debit card fraud in 2018.

Source
IRESS

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