Fraud and the Urgent Need For Greater Trust in eCommerce in SA.
SABRIC (the SA Banking Risk Information Centre) recently issued its 2021 report on fraud. SABRIC brings together all the banks to coordinate action against fraud, and their activities have helped reduce digital banking fraud (particularly mobile banking fraud) by 18% in 2021 compared to the previous year, but Card Not Present (CNP) fraud increased during the same period by 31.5%. CNP fraud on debit cards now represents 55% of card fraud. In particular, SABRIC warned that fake ecommerce sites or e-shops selling inferior goods had increased significantly in 2021. EFSA is in talks with banks and other bodies to safeguard trust for both B2C and B2B ecommerce. If you want to help contact me ([email protected]) .
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