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SABRIC: R800m Stolen In SA Bank Account


Nearly R800-million was stolen from South African ledgers a year ago – for the most part by offenders deceitfully acquiring customers’ card data.

This was uncovered in the most recent South African Banking Risk Information Center (Sabric) report itemizing bank card misrepresentation for a year ago.

The report stated that of the R778.9-million stolen out of South African bank accounts last year, R436.7-million was stolen from credit cards and R342.2-million from debit cards.

Of this, R416-million was taken through various card-not-present (cnp) scams – a new emerging trend used by criminals to drain bank accounts.

Cnp fraud, which occurs mostly online, is when neither the card nor the cardholder is present for a transaction. These details are attained through various methods, including e-mail phishing scams and fake online websites.

The report highlighted cnp fraud as the most prevalent banking fraud currently used by syndicates.

Credit card holders lost R318.4-million last year through various cnp scams, while debit card holders lost R98-million in similar scams. Other losses were due to card skimming, lost or stolen cards, and when a legit user’s account is hijacked by a criminal.

Of the R436-million stolen in credit card fraud, R233.3-million was stolen by syndicates operating outside South Africa, while R203.5-million was stolen within the country.

The provinces targeted by the credit card syndicates include Gauteng, where R99-million was stolen, followed by the Western Cape with R32.4-million, KwaZulu-Natal with R24.5-million and the Eastern Cape with R9-million.

Sabric lists the top five African countries complicit with credit card fraud transactions as Kenya, Ethiopia, Zimbabwe, Zambia and Mozambique – which accumulatively involved almost R9-million.

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