Card not present fraud cost South Africans over R700 million in 2023

Jan

Jan

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Card fraud chaos in South Africa

In 2023, card-not-present (CNP) fraud accounted for over 68% of all card fraud committed in South Africa, costing citizens over R700 million.

This is according to the South African Banking Risk Centre's 2023 annual crime statistics report, which attributed this to the country's rise in digital payments and online shopping.
 
Maybe you should give clients the option for disabling all non-two factor supporting payment methods.
 
Well, yeah, that's the trade-off of not asking for CVV number, so person is more likely to buy it as faster to check-out/not think about it, and the company takes the risk. Only do this if you're a very large company like Amazon with a fraud department, normal businesses should not do this.

Phishing is something quite different.

Side note: if you can, as a website owner, implement payment systems like Google/Apple Pay to make it easier not to have to type in the card number (user only uses CVV even for sites where hasn't made payment/saved card). Just not sure South Africa support, but here in Europe it's my preferred payment method.
 
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