Johannesburg – David Makgatho, 61, is the latest victim to fall prey to the card-not-present (CNP) scam when an amount of R8 500 was fraudulently removed from his account while he had the card with him.
According to an Accenture 2020 report, there has been a 100% increase in mobile banking application fraud and a 79.5% increase in card-not-present (CNP) fraud on South African-issued credit cards, making this scam the leading contributor to gross fraud losses in the country.
The report says that R2.2 billion a year is lost to cybercrime in South Africa – ranked third among countries with the most cybercrime victims worldwide – owing to the low investment in cybersecurity and inadequate cybercrime legislation.
Makgatho should know this because he believes his card was cloned to access his Standard Bank accounts, transferring money from one account to another using the CNP scam, before withdrawing the funds.
He said that on the same day after he withdrew…