Durban — South Africa is confronting mounting challenges in the battle against banking and financial crime.
That was according to the South African Banking Risk Information Centre (Sabric) after releasing its annual crime statistics for 2022.
Sabric said the country is grappling with an array of financial and banking crimes spanning contact crimes, digital offences, application fraud and card fraud. These criminal activities cast a long shadow over the nation’s economy, society, and governance.
Sabric’s annual crime statistics report for 2022 sheds light on the multifaceted landscape of financial fraud as well as security challenges in the banking industry.
“Collaboration among government entities, the private sector, and civil society is paramount to effectively combating financial crime. The commitment of organisations like Sabric to bolster law enforcement capabilities, fortify regulatory frameworks, and promote transparency and accountability is unwavering,” said Sabric chief executive Nischal Mewalall.
Key findings from the report underscore the complexity of the situation:
- Explosive surge in ATM attacks:
- Alarming rise in digital banking fraud:
- Escalating losses in online banking fraud:
- Decrease in branch before deposit robberies:
- Progress in mobile banking fraud reduction:
- Decline in fraudulent vehicle asset finance applications:
- Card fraud decreased with persistent challenges:
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