South Africans lost R1.1 billion to digital banking fraud in 2023

Daniel Puchert

Daniel Puchert

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South Africa's R1 billion banking headache

Money lost by South Africans to digital banking fraud increased from R735,000 in 2022 to R1.1 billion in 2023 — a 47% increase.

This is according to the South African Banking Risk Centre's (Sabric) banking fraud report for 2023.
 
Did South Africans really lose it though?

It's all insured.
 
ProfA said:
Let me help Daniel

R735,000 x 1.47 = R1,080,450

R1 Billion = R1,000,000,000
Click to expand...
I assume it should have been R735 million and not R735,000. Otherwise our criminals have to up their game.
 
Money lost by South Africans to digital banking fraud increased from R735,000 in 2022 to R1.1 billion in 2023 — a 47% increase.
Click to expand...
Insert "Math" Meme. Insert "Localisation" Meme.

R735,000 = R735 000 to R1.1 Bil is 149900%

Still sounds less than what all the Standard Bank users lost living in Val de vie hack, which was covered up by STD Bank + NDA
 
The real sad part is that most of these crim9inals are highly intelligent and could carry the country forwards, but crime is easier and their government has shown them that it also pays extremely well compared to honesty.
 
Im currently working on a email and sms fraud prevention service. Have asked the South African banks to provide the legitimate phone numbers that they use within emails and sms's where they would request a client to call them on HOWEVER proving a bit difficult when some banks don't even respond and others cant or won't give a comprehensive list.

So taking another approach, crowd sourcing! If you are confident you have received a email or sms that has a phone number from your bank, please submit it in the below link, share, repost etc to help me get a comprehensive list so we can help South African's prevent fraud <3

Crowdsource South African banking phone numbers

Help us crowdsource the phone numbers of South African banks
crowdsource.bankeasy.co.za crowdsource.bankeasy.co.za

If mybroadband is interested in a demo, will be happy to share.
 
nit3watch said:
Im currently working on a email and sms fraud prevention service. Have asked the South African banks to provide the legitimate phone numbers that they use within emails and sms's where they would request a client to call them on HOWEVER proving a bit difficult when some banks don't even respond and others cant or won't give a comprehensive list.

So taking another approach, crowd sourcing! If you are confident you have received a email or sms that has a phone number from your bank, please submit it in the below link, share, repost etc to help me get a comprehensive list so we can help South African's prevent fraud <3

Crowdsource South African banking phone numbers

Help us crowdsource the phone numbers of South African banks
crowdsource.bankeasy.co.za crowdsource.bankeasy.co.za

If mybroadband is interested in a demo, will be happy to share.
Click to expand...
The problem with this approach is it's public info that's spoofed by scammers. Banks could have introduced a secret phrase you provide yonks ago if they wanted to. But then a lot of fraud is internal.
 
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