Over half a billion rand lost in debit card scams in SA last year

 Over half a billion rand lost in debit card scams in SA last year


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…

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