TechCentral asked Sabric CEO Nischal Mewalall about banking app kidnappings and how people can protect themselves.
Browsing: Sabric
Banking app kidnappings, with the aim of gaining unauthorised access to victims’ money under duress, are on the rise.
There has been a worrying 36% increase in reported incidents of banking app fraud, according to Sabric figures.
There was a sharp increase in attacks on ATMs in 2021, and while incidents of digital banking fraud declined, the value extracted by criminals soared, according to Sabric.
Following the cyberattack on credit bureau TransUnion, banking risk centre Sabric has said it is working with banks to protect consumers.
The banking industry has released its annual crime statistics for 2020, and the figures for digital banking fraud are concerning.
A banking industry body has warned South Africans that possession of dye-stained bank notes looted from ATMs in this week’s political-inspired anarchy could land them in serious trouble.
Credit bureau Experian said on Wednesday it is pursuing both criminal and civil charges against the perpetrator who walked off with the records of millions of South Africans after impersonating one of the company’s clients.
Credit bureau Experian said on Thursday that no consumer credit information or financial information was obtained by a suspected fraudster and that the incident has been “contained”.
The data breach at credit bureau Experian Africa may not be as serious as first feared. The company said late on Wednesday that its investigations show that the compromised data was not used for fraud.