In 2023 alone, 15.5 of all suspected digital fraud attempts 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.
South Africa's telecoms sector is one of the fastest growing in the country. The number of mobile connections in South Africa increased by 4.2 million 3.7 between the start of 2023 and the start of 2024. The Covid-19 pandemic accelerated the sector's shift online as customers moved to digital channels for critical transactions, such as new contracts and upgrades, that were once conducted in-store. While convenient, this rapid shift left security gaps, and fraudsters have been quick to exploit them.
Indeed, fraudsters are constantly evolving their tactics to exploit new weaknesses. While telecoms companies are investing heavily in security and consumer education, the rapid expansion of digital services can make it difficult to stay ahead.
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As South Africa's digital economy continues to grow, the telecoms industry has both a responsibility and an opportunity to lead in building secure digital ecosystems that consumers can trust. Through a combination of robust security, industry collaboration and consumer education, the sector can tackle this escalating threat head-on.
