Billions lost via banking app scams
Losses due to cybercrime involving bank accounts amounted to an R1.8bn last year and the chances of the criminals being detained are slim.
City Press reports that the number of incidents increased by 86% from 52 584 in 2023 to 97 975 last year, according to the latest report by the SA Banking Risk Information Centre.
In 65% of cases, clients’ money was stolen via banking apps.
The main trick scamsters use phishing attacks.
This is when the criminal poses as a representative of a bank’s fraud department and telephonically tricks the victim into transferring money to accounts from where it disappears.
Bonita Hughes of the National Financial Ombud says her office recently dealt with a case in which a victim lost R3m.
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Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
