SA posts R4.5bn credit, debit card fraud over 7 years | Fin24
 
  • Data Market Inquiry

    MTN says it is prepared to defend itself before Competition Tribunal over report.

  • Claims of sabotage

    What we know so far about allegations of sabotage at an Eskom power station.

  • Dudu Myeni

    Court dismisses former SAA chiar's bid to have Outa withdraw from delinquency case.

Loading...

SA posts R4.5bn credit, debit card fraud over 7 years

May 07 2017 06:10
Justin Brown

South Africans have lost almost R4.5 billion to credit and debit card fraud since 2010, the latest fraud data from the SA Banking Risk Information Centre (Sabric) show.

Since 2010, R2.49 billion has been lost to credit card fraud.

And, over the past seven years, total debit card fraud has totalled R1.9 billion.

In 2016, South African credit card users lost R374 million – down from a peak of R463 million in 2014.

In the same year, local debit card users lost R354 million, compared with the highest recorded loss of R404 million in 2011.

These latest figures from Sabric, an organisation dominated by local banks – especially the major ones – show that 48% of credit card fraud losses occur throughout South Africa, while 80% of debit card fraud losses take place in Gauteng.

Card payments constituted 61% of all payment transactions processed in South Africa in 2016, with more than 60 million debit cards and nearly 8 million credit cards having been in circulation.

The biggest form of credit card fraud came about where the credit card was not used, constituting a “card not present” loss. Instead, a credit card number was used.

The highest “card not present” fraud recorded since 2010 occurred in 2016 with the amount of R250 million.

The most significant debit card fraud occurred in the “lost or stolen” category, with a loss of R193 million recorded in 2016 – the biggest such loss since 2010.

sabric  |  fraud  |  credit card
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote

Loading...