Telecoms fraud is on the rise in South Africa, with the sector seeing among the highest digital fraud attempt rates globally.
is on the rise in South Africa , with the sector seeing one of the highest suspected digital fraud attempt rates globally.in South Africa targeted the telecoms industry, marking a staggering 78% increase year over year. This trend highlights the magnitude of the issue and emphasises the critical necessity for the industry to bolsters its defences.
An estimated 3% of new digital accounts in telecoms, are created using stolen or synthetic identities A compromised telco account is often the first step in a chain of digital fraud attempts. For instance, a Sim swap can give fraudsters access to one-time Pins , allowing them to breach online banking accounts and execute large financial transactions. The implications are significant: beyond financial losses, businesses face reputational harm that can erode consumer trust in digital services.
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