US EditionSouth Africa Reports 73% Surge in Virtual Banking Fraud, Surpassing ATM Crime
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South Africa Reports 73% Surge in Virtual Banking Fraud, Surpassing ATM Crime
South Africa has experienced a 73 percent increase in virtual banking fraud, according to recent data from the National Financial Ombud, with virtual banking cards emerging as a primary target for fraudulent activities. Digital fraud complaints have surpassed ATM fraud by 3,350 cases between January 2024 and May 2025, marking a significant shift from traditional plastic card fraud to digital alternatives. The surge matches a broader pattern of i…
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