4th October, 2023
South Africa has reported an alarming rise in ATM robbery via explosive attacks, according to a report published online on Monday.
The annual crime statistics report for 2022, released by the South African Banking Risk Information Center (SABRIC), showed that ATM explosive attacks, increased by 23 percent in 2022.
Another concerning trend was the 36 percent surge in reported incidents of online banking fraud in 2022.
The report sheds light on the multifaceted landscape of financial fraud and security challenges in the banking industry of the country.
It also provides a stark overview of the situation, underscoring the mounting challenges the country faces in its battle against banking and financial crimes.
According to the report, fraudsters employed a range of tactics, including social engineering and “vishing” scams — often referred to as voice phishing.
Through voice phishing, cybercriminals use phone calls to steal personal sensitive information from victims.
However, the report says Card fraud, encompassing debit and credit cards, decreased by 18.4 percent overall.
Additionally, card-not-present fraud, despite having the highest fraud values, saw fewer incidents in 2022.
In a media statement issued Tuesday on its website, SABRIC said “these criminal activities cast a long shadow over the nation’s economy, society, and governance.”
The statement emphasized the urgency of the situation, calling for collaboration among government entities, the private sector, and civil society to effectively combat financial crimes.
*Reported by Xinhua.