A tale of two countries! The South African Banking Risk Information Centre (Sabric) says mobile banking crimes increased by 100% between January to August of 2018, compared to the same period last year resulting in losses of up to R24 million. During this same period Sabric recorded an increase of 44% with respect to online banking Scams, resulting in gross losses of R90 million. Banking app crimes increased by 20%, resulting in R70 million worth of gross losses. Since the advent of digital technology in the banking sector, Criminal elements have gone to great lenghts in order to identify and manipulate defects in this convenient and efficient mode of banking. Criminals are always looking for ways to exploit digital platforms to defraud victims, but the mitigation strategies deployed by banks are very robust, so it is easier to target people as they are the weakest link.
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