SA Banks Worry About APP Fraud and Seek Help from Consortia
- Over half of respondents in a recent industry survey cited APP fraud as their top concern.
- The most concerning types of fraud are APP fraud and Vishing, followed by Phishing/SMS-ing and sim swap fraud.
- Banks are realizing the need to collaborate and look across different transaction types and banks to detect and prevent new fraud vectors.
The text highlights the growing concern of South African banks regarding financial fraud, particularly APP fraud and social engineering scams. It emphasizes the need for improved industry cooperation and collaboration to address these new fraud vectors. The recommended technology solutions, such as embracing a wider data ecosystem and monitoring anomalies on origination and destination accounts, show a proactive approach to combating fraud. Overall, the sentiment of the text is positive, as it discusses efforts being made to protect customers and prevent fraud.
