2015-11-25 06:23

CREDIT CARD FRAUD has decreased by 28,6% from R353,3 million in 2014 to R252,2 million in 2015, with an increase of 8,3% for debit card fraud in the same ­period.

That is according to the South African Banking Risk Information Centre (Sabric), which recently released annual card fraud statistics that emphasised an overall decrease in card fraud in 2015.

Sabric stated that the banking industry attributed the overall decrease to the various mitigation measures implemented to fight the scourge of card fraud.

These measures include the continuous improvement of internal systems and processes, as well as the rolling out of chip and PIN technology for debit cards.

Kalyani Pillay, Sabric CEO, explained that the Sabric model of sharing information between the banks also contributed to the decrease.

Provinces which were the most affected were Gauteng, the Western Cape and KwaZulu-Natal, while increases were noted for the Eastern Cape and Mpumalanga.

Whilst credit card-related Card Not Present (CNP) fraud increased by 12,6%, it now accounts for 75% of the losses relating to South African-issued credit cards which is of concern.

Sabric’s finding that counterfeit card fraud in respect of both credit and debit cards has decreased significantly, is welcomed by the industry.

Pillay, however, cautions bank clients to continue to protect their cards during the festive season as the risk of card skimming, especially in the vicinity of ATMs, remains high.

  • “Always cover the hand that is typing the PIN when using your bank card,” Pillay advised. Never accept assistance from strangers as they could be trying to distract you in order to get your card or PIN.) Keep your PIN secret, even from family members or bank officials.) Should your card be retained in the ATM, block your card before you leave the site.

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