SABRIC Reports Uptick In AI-based Fraud Schemes.
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Guest – Ntshiki Maluleka, digital banking crime manager at SABRIC
South Africa’s banking industry has made notable progress in fighting financial crime. According to SABRIC’s latest crime statistics, financial crime losses dropped nearly 18% – from R3.3 billion in 2023 to R2.7 billion in 2024. But the picture isn’t all rosy.
Criminals are turning to artificial intelligence, using deepfake voice cloning, sophisticated phishing, and other AI-driven scams to target unsuspecting consumers. Card Not Present fraud remains especially stubborn, making up more than 85% of gross fraud losses on locally issued credit cards
South Africa’s banking industry has made notable progress in fighting financial crime. According to SABRIC’s latest crime statistics, financial crime losses dropped nearly 18% – from R3.3 billion in 2023 to R2.7 billion in 2024. But the picture isn’t all rosy.
Criminals are turning to artificial intelligence, using deepfake voice cloning, sophisticated phishing, and other AI-driven scams to target unsuspecting consumers. Card Not Present fraud remains especially stubborn, making up more than 85% of gross fraud losses on locally issued credit cards
