S Africans Lost R3.3 Billion To Financial Crime In 2023 Sabric

The South African Banking Risk Information Centre SABRIC has reported a significant increase in online shopping scams during the holiday season. In 2023, South Africans lost nearly R3.3 billion due to financial crimes, with fraudulent banking applications making up 60 percent of digital banking-related offenses.

Thabani Ndwandwe, Chief Risk Officer at Standard Bank, highlighted that data leaks have become a major issue, with various suppliers and large retailers experiencing breaches. Scammers gain access to this crucial customer data and use it to contact victims directly, often over the phone. During these interactions, many customers unknowingly provide sensitive information, which the scammers then use to defraud them.

As the festive season approaches and people prepare for celebrations, scammers and criminals are also gearing up to take advantage of the increased online activity, making it a critical time to be cautious of fraudulent schemes.