While the number of reported banking fraud incidents in 2021 is down 18% compared to 2020, the financial losses are up significantly from R310 million to R440 million.
A variety of scams combined with social engineering are commonly employed by cyber-criminals to trick their victims into giving out sensitive information which is then used to defraud them.
On average, victims loss over R 30k to scammers.
“SIM swapping has emerged as a popular method that criminals can defraud a victim with criminals intercepting transaction verification tokens. When compared to the year before, SIM swaps increased by a margin of 63%.”
BusinessTech
To read about the most common scams and techniques used by cyber-criminals, read, ‘These are the most common banking scams in South Africa – what to look out for‘.
