The South African Banking Risk Information Centre offers key insight into banking crimes in South Africa as well as a new scam on the rise.
Criminals have organised themselves to leverage data to defraud victims despite digital banking and related products being far safer than in-person banking, says Nischal Mewalall, the chief executive officer of the South African Banking Risk Information Centre .
Criminals are not successful in committing digital crimes because they are able to hack a product but because they are successful in tricking the human user of the product, said Mewalall., there has been a significant increase in the number of cybercrimes with 35,307 incidents across banking apps, mobile banking and online banking in 2020 compared to 26,567 in 2019.
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