Combined gross fraud losses on South African-issued bank cards soared by 18% in 2018, compared to the previous year, and totalled an astronomical R873.4-million, industry body Sabric said on Wednesday.
Browsing: Kalyani Pillay
The South African Banking Risk Information Centre on Thursday warned of a surge in Sim-swap fraud in the country.
Three hours, around 100 people, 1 400 Japanese ATMs and 1 600 counterfeit credit cards, was all it took for fraudsters to exploit Standard Bank in Japan. The bank, which stands to lose up to R300m, described the attack as a “sophisticated
A R300m card fraud hit on Standard Bank in Japan is an incident of transnational organised crime that was well planned and executed, says a local banking risk body. The South African Banking Risk Information Centre
Local bank customers must pay closer attention to their mobile security, the South African Bank Information Centre (Sabric) said on Thursday. Sabric, which is a non-profit company, was formed
Despite the introduction of Europay, MasterCard and Visa chip cards by South Africa’s banks, fraudsters continue to clone the cards to use them in countries that haven’t implemented the EMV standard for card payments. Until the banks stop
The banking industry’s gross fraud losses due to South African-issued credit card fraud has soared in 2014. In the first nine months of the year, losses have accelerated to R453,9m, from R366m in the same period a year ago. The biggest contributor
Bank customers should be aware of bank-related scams to avoid falling victim to them, the South African Banking Risk Information Centre said on Tuesday.”We want to warn customers to be vigilant during the festive season, especially around
There are simple steps the public can take to prevent ATM fraud, the South African Banking Risk Information Centre said on Wednesday. “There is a perception that most bank-related [crime] matters are perpetrated by internal staff in banks,” Sabric CEO Kalyani Pillay told
The value of debit card fraud losses decreased by 42% between January and September this year compared to the same period last year, the South African Banking Risk Information Centre (Sabric) said on Monday. It fell from R204m to R117,7m over the two years, it said in a statement