Credit card fraud nearly doubles

2011-12-07 22:39
Cape Town - Credit card fraud nearly doubled to R403m in the 2009/2010 financial year, a study by the SA Banking Risk Information Centre (Sabric) has found.

In the report, released on Tuesday, Sabric said the amount increased from R263.8m last year as the expanding credit card market gave fraudsters more opportunities for scams.

"Credit card fraud occurred in all the provinces in South Africa although some provinces experienced more card fraud than others," it said.

"Gauteng, KwaZulu-Natal and Western Cape account for 92.3% of the total credit card fraud losses in South Africa - the highest number of skimming devices is also recovered in these provinces."

Sabric chief executive Kalyani Pillay said the fraud came as banks were signing up more new customers and were providing products such as credit cards to existing customers who previously did not have access to them.

"The higher volumes of cards in the market provide more opportunities for credit card fraudsters to carry out scams," she said.

Sabric's report found that banks had also seen an increase in the number of cash withdrawals at ATMs using counterfeit credit cards.

Some 159 handheld skimming devices were retrieved during the year, compared to 190 last year.

Another 38 ATM mounted skimming units were removed this year, compared to 36 in the 2009/10 year.

According to the report, the introduction of a dedicated police team to tackle card-related crime in Gauteng province had a significant positive impact on card fraud in the province.

"Since August 2010 the [SA Police Service] project team jointly with bank investigators and Sars enforcement unit affected 261 arrests and seized 3 614 exhibits," it found.

- SAPA
Read more on:    sabric
NEXT ON NEWS24X
SHARE:

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
15 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
/News
 

Joburg hot spots for cocktails, craft beer, tapas and wine!

It’s the season to be jolly – so we’ve rounded up some new Joburg hot spots!

 
 

I love summer.24

Summer Survey!
Great ideas for the best summer sandwiches!
Christmas lingerie to make this festive season the best one ever!
13 things you might not know about Disneyland

Jobs in Cape Town [change area]

Property [change area]

Travel - Look, Book, Go!

Kalahari.com - shop online today

2DAYS ONLY – 30% off Appliances

Coffee makers, blenders, fans, juicers and more. T&Cs apply. Shop now!

2 DAYS ONLY – 40% off books

Get 40% off when you buy 2 books. For two days only! T&Cs apply. Buy now!

Up to 50% off on outdoor gear

Save on chairs, blankets, cooler bags, umbrellas and more. Shop now!

Save on Samsung

Cameras, mobile phones, TVs, Tablets and more. While stocks last. Shop now!

Grand Theft Auto 5

Now available on PS4, Xbox One and PC from R649. Buy now!

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

Horoscopes
Aquarius
Aquarius

At last you are able to see the light. You are able to break through obstacles in an innovative and original way. Visualisation is...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.