Card Fraud Is A Serious Problem

Unfortunately, technology favours us all, including criminals who are using it to scam people out of their hard-earned money

- Palesa Matjebele

SOUTH Africa has been plagued with card fraud for a number of years with banks moving towards a cashless system. Sadly, criminals are using this very technology to find ways to scam people out of their hard-earned money. But the good news is that there has been a decline in card fraud in some parts of the country in the past year or so.

CREDIT AND DEBIT CARD FRAUD

Kalyani Pillay, CEO of the South African Risk Information Centre (SABRIC), says criminals are always adjusting their tactics to take advantage of innovations in banking.

“However, our collaborative model ensures SABRIC, together with banks, are responsive, enabling these crimes to be addressed efficiently and effectively,” says Kalyani.

Of the nine provinces, Gauteng, Western Cape and Kwa-Zulu-Natal accounted for 86,3 per cent of credit card fraud. Below are the biggest contributors to card losses: