Sabric's annual crime statistics report for 2022 shows tactics being employed by criminals to steal your money.
South Africa is grappling with a surge in a formidable array of financial and banking crimes, with a spike in bankingThe report shows a surge of 36% in incidents of banking app fraud.
“Fraudsters employed a variety of tactics which included social engineering, exploiting data vulnerabilities, and stealing login credentials. One such nefarious tactic, which continues to prevail is “vishing” where scammers impersonate“Phishing and vishing remained the preferred methods for illicitly gaining access to confidential banking information.
“SIM swap incidents in mobile banking fraud declined from 87% in 2021 to 76% in 2022 which suggests that this tactic is becoming less successful in achieving its aims.”There was a 17.6% reduction in fraudulent applications for vehicle asset finance in 2022 which Sabric said was driven by the effectiveness of robust fraud detection systems implemented by banks.“Card fraud, encompassing debit and credit cards, saw an 18.4% decrease overall.