South Africa credit fraud complaints rise 46%

Fraud-related complaints regarding non-bank credit facilities in South Africa have increased by 46%, according to the National Financial Ombud Scheme (NFO). The rise in cases, from 124 in 2025 to 181 in 2026, highlights a shift in criminal tactics.

Criminals are increasingly targeting information, credentials, and trust rather than physical cards. Common methods include phishing, vishing, identity theft, fraudulent personal-loan applications, and the misuse of one-time passwords (OTPs). These fraudulent activities impact various sectors, including retail, telecommunications, and consumer credit finance.

The NFO warns that these incidents can lead to significant debt problems, including growing account balances, collection activities, and damaging credit listings with credit bureaux or the Southern African Fraud Prevention Service (SAFPS).