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CybersecurityManagementSecurity NewswireLogical SecurityCybersecurity NewsBanking/Finance/Insurance

81 percent of South Africans think banks need better fraud detection

By Security Staff
person using tap to pay on phone

Image via Unsplash

April 27, 2023

South Africans expressed financial scam concerns in a recent survey conducted by FICO. According to the survey, 91% of adult South Africans said they had sent a real-time payment (RTP), 92% had received an RTP and 90% will maintain or increase their use of RTP over the next year.

However, 64% of respondents said friends or family members have been victims of scams. 19% of respondents said they had paid for investments, goods or services they never received.

The survey also revealed consumers’ mindset about who should be responsible if they fall victim to a scam. 56% of South African adults think they are ultimately responsible if they send a payment to a scammer. However, about 15% of the respondents would change banks if they were a scam victim and were not satisfied with the bank’s response.

In many global markets, there is a regulatory push for banks (both depository and receiving) to be held liable if customers are victims of scams that involve authorized push payment/authorized user fraud. In South Africa, 29% of respondents said they think a bank should always refund a scam victim, while another 38% think they should be refunded most of the time.

Additional findings include:

  • 70% of South Africans got an unsolicited text, email, phone call or other outreach they thought was part of a scam.
  • 81% of South Africans think banks should have better fraud detection systems.
  • 79% would feel positive if a bank stopped them from making a suspected scam payment.
KEYWORDS: bank security FICO fraud detection fraud trends scams

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