A recent report exposed alarming figures of digital bank fraud in South Africa and shows that this method of fraud is at an all-time high.
The annual SITEisfaction report by insights agency, Columinate, shows that there has been a steady increase in digital bank fraud over the last four years.
Bank Fraud Figures in South Africa
SITEisfaction’s report also noted an increase in awareness of potential fraud and scams but regardless of this, more people are falling victim every day. In 2018 alone, 22% of users still fell victim to these criminal activities, up from 19% in 2017, 14% in 2016 and 12% in 2015.
When looking at the numbers, it is clear that while awareness about the risks are on the rise, so are the amount of victims. An alarming and sobering thought.
“When it comes to the world of mobile banking, security ought to be the utmost priority and concern – as technological counter-measures evolve, so do criminals,” says Columinate’s co-founder and CEO, Henk Pretorius.
“While a handful of banks did take the initiative to educate their customers on the looming threats, the message is far from reaching saturation in the SA market.”