The South African Banking Risk Information Centre (SABRIC), on behalf of the banking industry has released its Annual Crime Statistics for 2019.
Digital banking fraud incidents across all platform increased by 20% from 2018 with a gross loss increase of 8%. SABRIC reports that Vishing is the most prominent modus operandi in banking app fraud but that there were no reports of banking app software being compromised to commit fraud. Phishing remains the most effective way of obtaining banking login credentials.
Debit card fraud losses decreased by 15,7% but there was an increase of 16,2% relating to credit card transactions in South Africa.
The South African Banking Risk Information Centre (SABRIC) is pleased to be releasing its inaugural digital banking crime statistics. We are all too aware that the advent of digital technology has seen the exploitation of digital platforms by criminals. In 2017, 13 438 incidents across banking apps, online banking and mobile banking cost the industry more than R250 000 000 in gross losses. While incidents from January to August 2018, already show a 64% increase, we are pleased that the increase in gross losses is just 7% when compared to the same period in 2017. When comparing January to August 2017 to the same period in 2018, mobile banking incidents showed an increase of 100%, with gross losses of R23 593 631, while online banking incidents showed an increase of 44% with gross losses of R89 368 722. For the same period, banking app incidents increased by 20%, with gross losses of R70 156 364. SIM swops saw 4040 incidents from January to August 2017, and 8254 incidents from January to August 2018, an increase of 104%