South Africa digital banking crime losses rise to R2.41 billion

Digital banking crime in South Africa resulted in approximately R2.41 billion in reported client claims in 2025, marking a 29.2% increase from R1.86 billion in 2024. According to the South African Banking Risk Information Centre (SABRIC), reported incidents rose by 12.8% to a total of 110,074 cases, with an average loss of R21,865 per incident.

Banking applications were the primary target, accounting for roughly 89% of reported incidents and 70.5% of total financial losses. SABRIC noted that these figures typically stem from social engineering rather than system hacks. Fraudsters use deception, fear, and manipulation—often aided by artificial intelligence—to trick victims into revealing credentials or authorizing transactions. Common tactics include impersonating bank employees or police officers and the misuse of remote-access software to gain control over victim devices.

To combat these syndicates, industry experts suggest a “scammernomics” approach. This strategy aims to disrupt the criminal business model by increasing the operational costs and uncertainty for fraud syndicates, making their activities less profitable.