Women heavily targeted in rampant bank card fraud
It is concerning that many of South Africa's bank fraud victims are women, says Manie van Schalkwyk, the executive director of the Southern African Fraud Prevention Service (SAFPS), who feels that, as with any fraud-related crime, this is an issue that needs urgent attention.
A report by the South African Banking Risk Information Centre (Sabric) said that it was concerned by the rise in bank card fraud, which cost the country more than R800 million in 2018.
The statistics show that there was an 18 percent increase in combined gross card fraud losses on South African-issued cards, totalling R873 394 351, with credit card fraud increasing by 18.4 percent and debit card fraud increasing by 17.5 percent.
According to a 2018 report that was conducted by Statistics South Africa, 53.8 percent of the country's fraud victims were women. Sabric crime stats show that lost and/or stolen debit card fraud amounted to 42.5 percent of all debit card fraud in 2018.