Sabric warns of mobile banking fraud in South Africa

Sabric, which is a non-profit company, was formed by four banks to assist banking and cash-in-transit companies combat organised crime in the country.

Kalyani Pillay, Sabric CEO, said online banking fraud is on the rise owing to high levels of phishing and malware attacks in the country. She added that social engineering is manipulating people so that they can provide certain information without being aware that they are providing it to criminals.

As more bank consumers migrate to online banking platforms, the risk is that smartphones and handheld devices are being compromised. Sabric works closely with law enforcement to ensure a collaborative approach to fighting these crimes.

Sabric also has a campaign called ‘Skelm’ to help South Africans to protect themselves against banking fraud. This campaign is about creating cyber security awareness and Sabric has also provided the necessary security tips for consumers.