December 4, 2021 In debit, scams

R500m lost to debit card scams in 2020

JOHANNESBURG – There’s been a significant rise in digital banking fraud as more South Africans shop online due to the COVID-19 pandemic.

The Banking Risk Information Centre has released its annual crime statistics report showing South Africans lost over half a billion rand in debit card fraud last year.

READ: Capitec warns of new scam

Digital crime incidents increased by 33-percent last year compared to 2019.

SABRIC says fewer people bought on credit last year with most preferring debit cards.