{"id":767059,"date":"2024-04-13T11:00:00","date_gmt":"2024-04-13T09:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=767059"},"modified":"2024-04-15T11:45:36","modified_gmt":"2024-04-15T09:45:36","slug":"the-biggest-type-of-banking-fraud-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/767059\/the-biggest-type-of-banking-fraud-in-south-africa\/","title":{"rendered":"The biggest type of banking fraud in South Africa"},"content":{"rendered":"\n<p>Transacting digitally is becoming more commonplace in South Africa, with fraudsters finding new avenues to target consumers. <\/p>\n\n\n\n<p>According to TransUnion&#8217;s latest Consumer Pulse, 60% of South Africans were targeted by an online, email, phone call or text messaging fraud scheme. <\/p>\n\n\n\n<p>Alarmingly, 9% of consumers fell victim over the same period. <\/p>\n\n\n\n<p>Findings showed that 34% of consumers were exposed to a money or gift card &#8211; the largest type of fraud recorded in the country. <\/p>\n\n\n\n<p>South Africa was the only country in the study to see money or gift card fraud as the number one type of fraud. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-businesstech wp-block-embed-businesstech\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"bjxXSxwxZf\"><a href=\"https:\/\/businesstech.co.za\/news\/banking\/765371\/discovery-bank-issues-fraud-alert-scams-to-look-out-for-in-south-africa-right-now\/\">Discovery Bank issues fraud alert \u2013 scams to look out for in South Africa right now<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Discovery Bank issues fraud alert \u2013 scams to look out for in South Africa right now&#8221; &#8212; BusinessTech\" src=\"https:\/\/businesstech.co.za\/news\/banking\/765371\/discovery-bank-issues-fraud-alert-scams-to-look-out-for-in-south-africa-right-now\/embed\/#?secret=CSrDehZLMp#?secret=bjxXSxwxZf\" data-secret=\"bjxXSxwxZf\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>33% of consumers reported phishing, 31% reported smishing, and 27% reported vishing scams.<\/p>\n\n\n\n<p>These scams see fraudsters using emails, websites, social media posts, QR codes, text messages and phone calls to trick people into giving them their personal data. <\/p>\n\n\n\n<p>According to the study, phishing, smishing, and vishing were the most reported types of fraud in the US, Chile, Philippines, Canada, UK, Colombia, and the Dominican Republic.<\/p>\n\n\n\n<p>Returning to South Africa, 27% of consumers encountered third-party seller scams on legitimate online retail websites. <\/p>\n\n\n\n<p>10% reported being targeted by identity theft scams for their personal information. <\/p>\n\n\n\n<p>&#8220;These numbers show how important it is for consumers to monitor their credit records regularly,&#8221; said TransUnion. <\/p>\n\n\n\n<p>&#8220;Early detection of fraudulent activities that affect their credit scores enables consumers to take timely corrective action.&#8221; <\/p>\n\n\n\n<p>&#8220;The overwhelming majority of surveyed households (93%) realise the importance of checking their credit records regularly, and by far the biggest portion (52%) do so at least monthly.&#8221;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/transunion-fraud-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"753\" height=\"837\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/transunion-fraud-1.jpg\" alt=\"\" class=\"wp-image-767061\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/transunion-fraud-1.jpg 753w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2024\/04\/transunion-fraud-1-270x300.jpg 270w\" sizes=\"auto, (max-width: 753px) 100vw, 753px\" \/><\/a><figcaption class=\"wp-element-caption\">Source: TransUnion<\/figcaption><\/figure><\/div>\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Read<\/strong>: <a href=\"https:\/\/businesstech.co.za\/news\/government\/765355\/south-africas-corruption-crisis-the-hotspots-for-fraud-bribery-and-maladministration\/\" target=\"_blank\" rel=\"noreferrer noopener\">South Africa\u2019s corruption crisis \u2013 the hotspots for fraud, bribery and maladministration<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/businesstech.co.za\/news\/government\/766923\/now-hiring-permanent-ceo-for-saa\/\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TransUnion&#8217;s latest Consumer Pulse shows that South Africa is unique in its most reported type of banking fraud. <\/p>\n","protected":false},"author":95,"featured_media":767067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26],"class_list":["post-767059","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/767059","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\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=767059"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/767059\/revisions"}],"predecessor-version":[{"id":767987,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/767059\/revisions\/767987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/767067"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=767059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=767059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=767059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}