Bank card fraud climbing towards R800-million
The South African Banking Risk Information Centre has released the latest research on trends in bank card fraud on South Africa-issued cards, showing credit and debit card fraud losses amounted to about R779-million in 2017.
The fraud statistics show the gross fraud losses incurred by the banks, consumers and merchants before the banks carry out an investigation to determine liability for the losses relating to card fraud. The report covers various categories of card fraud.
Sabric CEO Kalyani Pillay says bank clients report incidences of fraud to their banks, which in turn investigate. Depending on the bank's findings, a decision is made on who carries the loss, which could be the bank, the merchant or you, the consumer. Sabric does not collect data on losses other than those incurred by the banks, she says...
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