A new report on cybercrime indicated that South African consumers lost more than R1 billion in 2023 due to digital banking and mobile app crimes.
Banking apps have offered South Africans great convenience by allowing them to manage their money and make payments from their phones, but they have also become the main channel used in digital banking crime.
According to a new report by the South African Banking Risk Information Centre (SABRIC), banking app-related crime accounted for about 89% of reported digital banking crime cases in 2025 and 70.5% of the total claim amount.
The figures show that banking apps were linked to R1.7 billion in reported client losses during the year, making them the biggest contributor to digital banking crime losses.
"Banking App accounted for approximately 89% of reported cases and about 70.5% of the total claim amount. Internet Banking accounted for fewer than 9% of cases but approximately 28.6% of claim value, showing that a smaller number of cases can still result in substantial financial exposure," the report noted.
