South Africa's banking sector is entering one of its most challenging periods yet, with the latest crime statistics pointing to a sharp rise in financial fraud. The South African Banking Risk Information Centre SABRIC Annual Crime Statistics for 2024 reveal that fraud syndicates are becoming increasingly sophisticated, technologically advanced, and harder to detect, setting the stage for what experts warn could become a "fraud storm" in 2025.
The most dramatic surge has been recorded in digital banking crime, which increased by 86 in 2024, rising from 52,000 incidents in 2023 to almost 98,000 reported cases. Losses climbed by 74 year-on-year, reaching a record R1.888 billion. Banking apps have become the prime target for cybercriminals, accounting for 65 of all digital fraud cases, with losses exceeding R1.2 billion. Criminals are deploying increasingly advanced tactics such as AI-generated scams, deepfake impersonations, QR code phishing "quishing", SIM swap fraud, and malware disguised as legitimate mobile applications.
SABRIC's report highlights that despite strengthened banking security systems, the biggest vulnerability remains human error. Social engineering is now the primary tool of criminals, who manipulate victims into handing over sensitive information such as PINs, OTPs, and login credentials. In many instances, victims first receive a phishing email and are then targeted with a follow-up vishing call from fraudsters posing as bank staff, tricking them into authorising fraudulent transactions.
