South Africans lost R2.4 billion to digital banking fraud in 2025, according to the South African Banking Risk Information Centre (SABRIC). The losses rose from about R1.9 billion in 2024.
SABRIC released the figures in its 2025 Annual Crime Statistics Report. The report calls digital banking crime the “biggest threat” in the banking sector.
BusinessTech, which reported on the full report, said client claims came from 110,074 reported incidents. That works out to an average loss of about R21,865 per incident.
The average is per incident and not per person. One victim can be targeted more than once, and many incidents involve small amounts.
Claims have more than doubled in two years. They stood at R1.09 billion in 2023, according to BusinessTech. The 2025 total is a rise of 29.2% on 2024.
Banking apps were behind most of the crime. BusinessTech reported that app fraud made up about 89% of cases and 70.5% of the money claimed.
Internet banking made up fewer than 9% of cases but 28.6% of the value. This points to bigger losses per case on that channel. Mobile banking made up fewer than 3% of cases and under 1% of value, but it is linked to SIM-swap fraud.
The criminals mostly trick customers rather than break into bank systems. BusinessTech listed impersonation, voice phishing, remote-access software and false payment instructions as common methods. SABRIC warned that artificial intelligence is making these scams harder to spot.
Card fraud also grew. SABRIC said card fraud losses rose 18% to R1.7 billion. It described card-not-present fraud as “one of the most significant fraud types” affecting consumers.
Physical attacks on banks went the other way. ATM attacks fell by 46%, and the cash lost in those attacks fell by 63%.
BusinessTech added that fraudulent applications for vehicle finance rose by 41%. Fraudulent applications for unsecured loans fell by 34%.
A second BusinessTech report shared one family’s story. Trevor Kingsley-Wilkins of NMG Benefits said his mother was called by people pretending to be her bank’s fraud department. They asked for her PINs and used them to steal R800,000.
“They knew enough about her accounts to sound credible,” Kingsley-Wilkins said. His account is not part of the SABRIC figures.
Christopher Boxall, head of card transact at FNB, said fraud cases involving customers over 55 are rising month by month. He said customers over 60 are hit especially hard, and that the trend is seen across the industry.
According to the report, scammers often create a false emergency. They claim an account is at risk and ask for PINs, passwords or one-time passwords.
Other tricks include WhatsApp messages from unknown numbers claiming to be relatives, fake competitions and investment offers that promise high returns. Some scammers pose as retirement officials who offer to unlock two-pot retirement money for an upfront fee.
The report said consumers should never share security codes with anyone who claims to be from their bank. People who get a suspicious call or message should end it and phone the bank on a number they found themselves.
The report also advised people to use strong, unique passwords and turn on two-factor authentication where it is offered. It said sensitive documents should be thrown away safely.
Source: this article is based on reporting by businessnewssouthafrica.co.za. Image: businessnewssouthafrica.co.za. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.