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Card losses top R403-million this year

14 Dec 2011

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.

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