SA banking Risk Information Centre’s Digital Banking Crime Statistics report indicated that 55% of gross losses due to crime reported to SABRIC occur online.
Gross losses is a term used in the banking industry to refer to the total loss to the consumer as well as the bank and includes instances where the bank had refunded the client.
13 438 incidents of cyber crime were reported to Sabric last year.
These crimes were committed across banking apps, online banking and mobile banking. The value of these cyber crimes totalled more than R250m.
So far this year (from January to August) 16 296 incidents have been reported to the value of more than R183m. The number of incidents over this period is 64.3% more compared to the same period last year.