Communication - Press
Money and Gift Card Fraud Tops List of Banking Fraud in South Africa
TransUnion's latest Consumer Pulse report reveals a concerning trend in banking fraud targeting South African consumers.
With digital transactions on the rise, fraudsters are exploiting new avenues to scam unsuspecting individuals.
Shockingly, the report shows that 60% of South Africans have been targeted by online, email, phone calls, or text messaging fraud schemes, with 9% falling victim to such scams.
Most notably, 34% of consumers were exposed to money or gift card fraud, making it the largest type of fraud recorded in the country.
South Africa stands out as the only country in the study where money or gift card fraud ranks as the top type of fraud.
Additionally, phishing (33%), smishing (31%), and vishing (27%) scams are prevalent, with fraudsters using various digital platforms to deceive individuals into sharing personal data.
The importance of monitoring credit records regularly is emphasized by TransUnion, as early detection of fraudulent activities enables timely corrective action.
With 93% of households recognizing the significance of credit record checks, consumers must remain vigilant against banking fraud.
