Although the number of reported total digital fraud incidents dipped by 18%, gross losses jumped 45% — from roughly R310.48 million in 2020 to about R438.24 million in 2021.
The South African Banking Risk Information Centre has published its 2021 crime statistics, showing a significant surge in money stolen through digital fraud, particularly banking apps.
“This means that almost 42%, the bulk of digital banking crimes occurred in this segment and, as a result, saw the greatest portion of gross losses at 49%,” Sabric said. Such fraudulent SIM swaps climbed over 63%, from 2,686 incidents in 2020 to 4,386 in 2021, reported Sabric. Similar to banking application fraud, phishing and vishing were the most common vectors used in online banking fraud.The graph below shows the number of online banking fraud incidents, the resulting gross losses, and SIM swaps related to online banking over the past two years.Mobile banking fraud saw a radical decline in reported incidents — from 21,106 to 10,998.
“It is similar to phishing, but instead of emails, text messages are sent to potential victims, requesting them to call a number or click on a link which then tricks them into revealing their confidential banking information,” Sabric explained.
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