Tag: card fraud

Today’s most successful fraudsters aren’t sitting in high-tech labs, they’re sitting in living rooms, using tools as simple as a laptop and a spreadsheet. What looks like a complex, high-level breach of banking systems is often nothing more than basic arithmetic, a few internet searches and a complete failure of global financial systems to talk to each other.

SABRIC, the South African Banking Risk Information Centre, on behalf of the banking industry has released its Card Fraud Stats for 2017 which reflect an overall decrease in card fraud. Debit card fraud decreased by 8.5% while credit card fraud increased by 1%, from R434.0m in 2016 to R436.7m in 2017.