Almost half of the debit card fraud took place outside of South Africa.
- The SA Banking Risk Information Centre released its 2020 crime statistics on behalf of the country’s banking industry.
- Gross losses due to fraud on debit cards issued in SA increased to more than half a billion rand.
- This was mainly due to shifts in consumer behaviour, which created more opportunities for scammers.
Gross losses due to fraud committed on South African-issued debit cards amounted to R520.5 million in 2020 – an increase of 26.5% compared to 2019.
This is according to 2020 crime statistics released by the SA Banking Risk Information Centre (Sabric) on Wednesday.
The impact of Covid-19-related work and lifestyle changes created new opportunities for scammers in the debit card space. Digital crime incidents increased by 33% in 2020…