The Payments Association of South Africa (Pasa) is moving ahead with plans to fine merchants that have failed to comply with 3-D Secure, a new layer of verification for online payments. And it’s got some online retailers hot under the collar. While not everyone’s happy
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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
South Africa’s banks have suffered tens of millions of rand in losses due to a major breach of customer card data by criminal syndicates that infected electronic point-of-sale terminals using a variant of malicious software called Dexter. It’s not known exactly how
With the number of Sim card fraud cases in South Africa rising sharply last year, the banks and cellphone service providers are locked in a blame game, with each party arguing that the other could do more to combat the virtual scourge. An increasing number of South Africans
In January, in the flurry of resolution that accompanies the new year, Dino Maloko (not his real name), 40, decided to bite the bullet and pay off his credit card. He was over R40 000 in the red, and he wanted to start the year off right. So he made a large payment into his bank credit card account and got his card debt
Credit and debit card fraud have declined nationally, the SA Banking Risk Information Centre (Sabric) said on Tuesday. Credit card fraud between January and September this year, totalling R300,6m, dropped by 18% compared to the same period