With digital banking fraud losses reaching R1.9 billion and complaints hitting record highs, experts say banks must rethink how they handle fraud disputes to restore customer trust.
South Africa's banking sector is being urged to modernise its fraud dispute processes and make better use of existing fraud intelligence as digital banking scams continue to escalate and customer complaints reach record levels.
According to recent industry data, digital banking fraud incidents increased by 86% in 2024 compared to the previous year, resulting in losses of approximately R1.9 billion.
Banking applications accounted for 65% of reported incidents, highlighting the growing risks facing consumers as digital banking adoption accelerates.
At the same time, the banking division of the National Financial Ombud Scheme recorded more than 15 000 complaints in 2024, its highest volume on record. Nearly 80% of those cases were decided in favour of the banks.
