South Africa Scam & Fraud Statistics
South Africa's SABRIC recorded a 86% surge in digital banking fraud incidents in 2024, with associated losses reaching ZAR 1.888 billion even as overall banking-sector fraud losses fell.
Last reviewed: 1 June 2026
The South African Banking Risk Information Centre (SABRIC) publishes annual crime statistics covering fraud and cybercrime affecting South Africa's banking sector. The 2024 Annual Crime Statistics report shows mixed trends: overall banking fraud fell 18% from ZAR 3.3 billion to ZAR 2.7 billion, but digital banking fraud surged sharply.
All amounts are South African rand (ZAR) unless noted and are drawn from the SABRIC Annual Crime Statistics 2024 report.
Key figures
ZAR 2.7 billion (down 18% from ZAR 3.3 billion in 2023)
Total banking-sector fraud losses in 2024
Source: SABRIC Annual Crime Statistics 2024 (2024)
ZAR 1.888 billion (up 74% year-on-year)
Digital banking fraud losses in 2024
Source: SABRIC Annual Crime Statistics 2024 (2024)
Nearly 98,000 incidents (up 86% from 52,000 in 2023)
Digital banking fraud incidents in 2024
Source: SABRIC Annual Crime Statistics 2024 (2024)
ZAR 1.466 billion (up 26.2% year-on-year)
Card-related crime losses in 2024
Source: SABRIC Annual Crime Statistics 2024 (2024)
Key takeaways
- Digital banking fraud nearly doubled in incident count in South Africa in 2024 (86% rise), with losses up 74% to ZAR 1.888 billion — the fastest-growing fraud category.
- Overall banking-sector fraud losses fell 18%, driven by reductions in cheque, direct debit, and ATM-related crime — but this disguises the sharp rise in digital channels.
- SABRIC has flagged AI-enabled fraud — including deepfake voice calls and AI-crafted phishing messages — as an emerging threat accelerating the digital fraud trend.
Frequently asked questions
How much did South Africa lose to banking fraud in 2024?
SABRIC recorded total banking-sector fraud losses of ZAR 2.7 billion in 2024. Digital banking fraud alone accounted for ZAR 1.888 billion — a 74% rise from 2023.
Where do I report banking fraud in South Africa?
Report banking fraud to your bank immediately, and to the South African Police Service (SAPS). You can also contact SABRIC at sabric.co.za for information on banking-specific fraud.