Fraud rates in South Africa’s payments industry
Stitch Senior Fraud and Risk Analysts Ena-Marié Louw and Jess Hookins share insights into how fraud is unfolding in the payments space across South Africa today, and the impact it has on those affected.
To avoid experiencing the worst impacts of fraud, it's more important than ever for businesses to partner with a licensed TPPP like Stitch with a dedicated fraud team that remains on top of the latest developments in this space.
The rise of digital transactions in South Africa, similar to the rest of the world, has brought with it a rise in the scale and complexity of identity-based fraud.
TransUnion reported that 69% of South African consumers indicated having been targeted with online, email, phone call or text messaging fraud attempts in the last quarter of 2023, resulting in significant financial losses.
As cybercriminals become more proficient at gaining and utilising stolen identity and financial information, it’s crucial for businesses to keep up with the latest trends and ensure they’re keeping themselves and their customers safe.
Here, Stitch Senior Fraud and Risk Analysts Ena-Marié Louw and Jess Hookins share insights into fraud types and growth rates in South Africa's payments space that businesses of all sizes should be aware of.
Minimise your risk of fraud with the support of a dedicated fraud team
