South Africa is witnessing a sharp rise in banking app scams, with fraudsters increasingly targeting digital banking users.
According to the 2023 South African Banking Risk Information Centre (SABRIC) Crime Statistics Report, financial crime cost South Africans R3.3 billion, with fraud on banking apps now the most prevalent threat. This form of cybercrime accounts for 60% of all digital banking fraud and has surged by 89% year-on-year.
The latest scam involves fraudsters posing as well-known companies, such as streaming services and airlines, and offering fake discounts in exchange for downloading malicious apps.
Personal finance journalist Maya Fisher-French warned consumers to remain vigilant.
"If you realise you’ve been targeted, contact your bank immediately," she advised.