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Credit card fraud on the wane

Johannesburg - The banking industry's financial losses resulting from credit card fraud have decreased by 36% from R409.3m to R263.8m, the SA Banking Risk Information Centre (Sabric) said on Monday.

"The significant decrease in credit card fraud losses this year really represents good news for banks' customers and the banks," said Kalyani Pillay, Sabric's CEO.

Card fraud in South Africa accounts for most of the banking industry's financial losses in this type of crime.

However, Pillay said, this year's trends show an increase in financial losses resulting from the fraudulent usage of South Africa-issued credit cards outside of the country's borders.
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