{"id":275355,"date":"2018-10-04T14:57:36","date_gmt":"2018-10-04T12:57:36","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=275355"},"modified":"2018-10-04T14:57:36","modified_gmt":"2018-10-04T12:57:36","slug":"the-safest-ways-to-bank-in-south-africa-online-vs-mobile-vs-app","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/275355\/the-safest-ways-to-bank-in-south-africa-online-vs-mobile-vs-app\/","title":{"rendered":"The safest ways to bank in South Africa – online vs mobile vs app"},"content":{"rendered":"

The South African Banking Risk Information Centre (Sabric) has released its inaugural digital banking crime statistics.<\/p>\n

According to the report, in 2017 there were 13,438 incidents across banking apps, online banking and mobile banking \u2013 costing the industry more than R250 million in gross losses.<\/p>\n

However, reported incidents from January to August 2018 already show a 64% increase, with gross losses also increasing by 7% when compared to the same period in 2017.<\/p>\n

While Sabric did not report on how many users choose to bank on each individual platform, its data does how many incidents occur over a set time period and the average amount of money stolen in an ‘average’ incident.<\/p>\n

Focusing on this data, BusinessTech looked at the ‘safest’ platforms to bank on in South Africa.<\/p>\n

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Banking apps<\/strong><\/p>\n

Sabric’s data shows that there have been 4,922 incidents of banking app fraud from January – August 2018, an increase of just under 20% compared to the same period last year.<\/p>\n

However, the total cost of these incidents has risen dramatically (100%) to R70.1 million in 2018.<\/p>\n

Effectively this means that the average ‘onslaught’ – or amount taken – per incident has risen from R7,560 in 2017 to R14,253 in 2018.<\/strong><\/p>\n

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Mobile banking<\/strong><\/p>\n

Mobile banking fraud also saw a steady increase when looking at the January – August 2018 period, rising 100% compared to the same period last year.<\/p>\n

The total cost of these incidents has also risen by 41.3%, from R16.7 million to R23.6 million.<\/p>\n

However, the average financial onslaught per incident has decreased year-on-year from R4,295 in 2017 to R2,741 in 2018.<\/strong><\/p>\n

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Online banking<\/strong><\/p>\n

According to\u00a0Sabric’s data, there have been 2,767 incidents of banking app fraud from January – August 2018, an increase of just under 43.8% compared to the same period last year.<\/p>\n

However, the total cost of these incidents has declined year-on-year, from R123.7 million to R89.3 million.<\/p>\n

This means that the average financial onslaught per incident has also declined – from R64,300 to R32,298.<\/strong><\/p>\n

Despite this decrease, online banking still has the highest cost per incident when looking at the three main digital banking options.<\/p>\n

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Read: SIM-swap fraud incidents more than double in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The data also shows which methods criminals are using to steal the most money.<\/p>\n","protected":false},"author":10,"featured_media":216555,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,2635],"class_list":["post-275355","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-sabric"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/275355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=275355"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/275355\/revisions"}],"predecessor-version":[{"id":275405,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/275355\/revisions\/275405"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/216555"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=275355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=275355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=275355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}