There were between R219 million to R363m gross losses in digital banking in 2022 due to scams, according to Ntshiki Maluleka from the South African Banking Risk Information Centre (Sabric).
He said the increase occurred during a shift from visiting bank branches to performing banking online during the Covid-19 pandemic. He said scammers took advantage and opportunity of the shift.
“These are losses that are impacting the community at large. These surges are associated with the attributes that are growing in several banking applications because we are doing our banking on the app, online, and even via SMS,