According to a new report for banking services compiled by the Ombudsman for Banking Services in South Africa, internet banking fraud in the country has increased 3 percent, while mobile fraud has jumped 8 percent.
Officials in Zambia and South Africa state that both countries have registered an increase in internet and mobile banking fraud, resulting in huge financial losses. A number of local and international banks in Zambia have reported phishing attacks on their internet banking systems, and in some cases they have been forced to temporarily close branches to protect customers money.
Banks in the region are encouraged by the growing mobile customer base to launch innovative payment options to reach millions of the so-called unbanked. But that is putting citizens more at risk of cybercrime. In South Africa, for example, there are more than 13 million unbanked people, while in Zambia, 60 percent of the population is currently unbanked.
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