Rise by 78% in digital fraud threatens trust in SA

With International Fraud Week taking place this week, telecommunications fraud is on the rise in South Africa, with the sector seeing one of the highest suspected digital fraud attempt rates globally, according to credit bureau Trans Union.

- Faizel Patel

Trans Union's 2024 state of omnichannel fraud report revealed that in 2023 alone, 15.5% of all suspected digital fraud attempts in South Africa targeted the telecom industry, marking a staggering 78% increase year-over-year.

This trend, according to the report, highlights the magnitude of the issue and emphasises the critical necessity for the industry to bolster its defences.

Amritha Reddy, senior director for solutions at Trans Union Africa, said the Covid pandemic accelerated the sector's shift on-line as customers moved to digital channels for critical transactions, such as new contracts and upgrades, that were once con-ducted in-store.