Online banking fraud shocker in SA

Columinate released its 2014 Internet Banking SITEisfaction survey results, which showed that the number of internet banking fraud victims nearly doubled over the last year.

The survey, which was conducted surveying 1,385 Internet banking users through fan online survey, found that security concerns remain high and the incidence of security breaches is the highest ever.

The overall targets of internet banking fraud have increased from 54% to 62% in the last year, and the actual victims of this fraud increased from 10% to 19% between 2013 and 2014.

Columinate CEO Henk Pretorius said that the variety of financial fraud activities continues to increase, which makes it difficult for banks to keep customers educated on how to constantly be vigilant against these attacks.

“Banking customers have to contend with the usual attacks on their accounts like phishing and deposit refund scams, as well as newer attempts like ‘smishing’ (SMS version of phishing) and 419 scams,” he said.

Online banking fraud
Online banking fraud

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Online banking fraud shocker in SA