Card losses top R403-million this year
According to the South African Banking Risk Information Centre (Sabric), credit card fraud is up by 53% in South Africa to a whopping R403-million. Business Live reports that the banking fraud through cards issued by banks had increased by 72%.
According to the Business Live report, Sabric's chief executive Kalyani Pillay says that there has been a sharp increase in counterfeit cards being used at ATMs to withdraw cash and warns that this is linked to card-skimming devices (where information from the magnetic strip on a card is copied) or when banking data has been compromised.
For more:
Business Live: Credit card fraud jumps 53% to R403.15m
Sabric: Card fraud campaign Nov 2011
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