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Millions of rands lost to increasing bank card fraud

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South Africa Headlines News

South Africans lost more than R873m due to bank card fraud last year, an annual increase of 18%.

This was revealed by the SA Banking Risk Information Centre in its annual crime statistics report released on Wednesday.

The report shows that combined gross card fraud losses on South African issued cards surged by 18% with credit card fraud increasing by 18.4% and debit card fraud rising by 17.5%. Card Not Present fraud on credit cards remained the leading contributor to gross fraud losses, accounting for 79.5% of all losses. CNP debit card fraud showed the greatest increase in losses at 62.3% due to the enablement of Card Not Present transactions on debit cards.

Lost and stolen debit card fraud amounted to 42.5% of all debit card fraud and bank customers continued to fall victim to fraud at ATMs. Sabric said criminals often approach the victims under the pretext of being helpful, and in many instances even pose as a bank official. They then steal the victim’s bank card and shoulder-surf to obtain the PIN.

 

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