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Digital fraud a growing threat in SA
Cape Argus
|September 01, 2025
AI-POWERED fraud is a growing concern. This is according to the SA Banking Risk Information Centre (SABRIC), which released its annual crime statistics for 2024.
They said digital fraud cases nearly doubled to 64000, causing R1.4 billion in losses.
"AI-powered fraud is a growing concern, with digital banking fraud cases nearly doubling to 64000, causing over R1.4bn in losses, primarily due to social engineering," SABRIC said.
"AI is used to create convincing phishing, WhatsApp messages, and voice deep fakes."
In 2023, South Africa recorded financial crime losses amounting to R3.3bn. This figure dropped to R2.7bn in 2024, representing a reduction of almost 18%.
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