Fraud on the online channel makes up the smallest portion of incidents of Digital Banking Crime, accounting for 11.1% of reported incidents, however, it accounts for the highest portion (45.1%) of gross losses, SABRIC noted.
Phishing makes use of emails to trick the victim into entering their login credentials by directing them to a 'spoofed' website that is designed to look legitimate.
Vishing, which has been reported to have significantly increased during 2020, involves criminals making telephone calls to potential victims, purporting to be from the bank and convincing them to compromise their details.
In the south Africa , fraud on online banking has accounted for 2% or R15bn of total losses. In recent years, losses from fraud have been growing at an annual rate of around 30%.
'Online fraud is a significant threat to the customer experience,' said John .
Losses from online fraud are expected to rise further this financial year as fraudsters develop new tools to target consumers.
According to Snares24, a cyber-security company, 'One of SA's most sophisticated online attacks in recent times was launched by a criminal group using malicious software that was distributed through malware.com.uk and infected a bank's website.'
He continued: 'Online criminals are able to exploit the weakness of internet security and the security of online services to launch massive online operations that can result in significant losses for businesses. And the damage caused to businesses can be lasting.
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