Banks lose R140 mln more after 53% increase

2011-12-08 00:00

A SHARP increase in card fraud has cost the banking industry almost R140 million more in the past financial year compared to the previous 12 months.

Cloned cards and online theft of banking details through “phishing”are the main culprits, the South African Banking Risk Information Centre (Sabric) said in Johannesburg yesterday.

Susan Potgieter, general manager for Sabric’s office for commercial crime, said the centre’s statistics show that banking losses due to card fraud has increased 53% since the previous financial book year.

Gauteng suffered the most card fraud, followed by the Western Cape and KwaZulu-Natal.

However, Potgieter added that the release of new cards with microchips and secret numbers has already helped to stem the tide in fraud or lost cards.

Potgieter stressed that card owners should use the news their banks give out on the latest tricks used by card sharks.

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