Cybercrime now 55% of gross losses in SA banking industry - report

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More than half (55%) of the gross losses due to crime reported to the SA Banking Risk Information Centre (Sabric) occur online.

This is according to Sabric's Digital Banking Crime Statistics report released on Thursday.

Gross losses is a term used in the banking industry to refer to the total loss to the consumer as well as the bank. It, therefore, includes instances where the bank had refunded the client.

Last year 13 438 incidents of cyber crime were reported to Sabric. These crimes were committed across banking apps, online banking and mobile banking. The value of these cyber crimes totalled more than R250m.

So far this year (from January to August) 16 296 incidents have been reported to the value of more than R183m. The number of incidents over this period is 64.3% more compared to the same period last year.

The report also shows that, although the number of reported incidents of cyber crime on banking apps increased by 19.9% to 4 922 over the period from January to August this year, the total value of these incidents doubled to more than R70m compared to the same period last year.

On the other hand, although the number of incidents reported on online banking increased by 43.8% from January to August, the total value decreased by 27.8% to R89.4m compared to the same period last year.

The number of cyber crime incidents reported on mobile banking doubled to 8 607 from January to August this year compared to the same period last year. The total value thereof increased by 41.3% to R23.6m compared to the same period last year.

Fin24 reported in April that cyber incidents are a top concern for the financial services industry, according to the Allianz Risk Barometer 2018.

Close to 2 000 risk experts in 80 countries were surveyed.

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