DATA PROTECTION BY RAINE ST.CLAIRE
Internet banking: Cybercriminal playground
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7.8 million South Africans 78.7% of the population - used mobile devices to access the internet In 2022. This upward trend is expected to continue and by 2027 the anticipated trajectory of internet utilisation in South Africa and the ascendancy of mobile devices is expected to grow by 90%.
However, alongside this remarkable industry growth comes a concerning increase in cyber fraud. Identity theft, credit card fraud, online privacy, and scams like phishing are highlighted as major consumer concerns.
So far in 2023, South African companies have reported around 110 cyber security incidents every month. However, this problem is not unique to South Africa; many developing and developed nations share similar statistics regarding attacks on corporate IT systems. This dynamic risk environment rife with opportunistic fraudsters, underscores challenges both consumers and businesses face in ensuring security and positive online experiences.
50 | Public Sector Leaders | December 2023/ January 2024
Phishing and vishing remained preferred methods for fraudsters to gain access to banking login details DIGITAL BANKING FRAUD SKYROCKETS In 2022, digital banking fraud in South Africa reached alarming levels, with cybercriminals syphoning off over millions, as reported by the South African Banking Risk Information Centre (Sabric). Gross losses escalated from R440-million in 2021 to R740.8-million
