Card losses top R403-million this year

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