Kaya 959 Kaya Biz

Ombud Sees Significant Increase In Digital Banking Fraud Complaints

Loading player...
Guest – Nerosha Maseti, Lead Ombud at the Banking and Credit Division at the NFO

With virtual banking cards being offered across all digital banking platforms, and with the ability to load these cards on phones and other wearable devices, virtual cards are gaining ground over traditional physical cards or cash.

Unfortunately, this digital alternative is also increasingly being used by fraudsters when targeting unsuspecting bank customers.

The National Financial Ombud Scheme (NFO) has seen a significant increase in digital banking fraud complaints, rising from 1 436 cases between January and May 2024 to 2 483 cases during the same period this year - a whopping 73% year-on-year increase.

In contrast, ATM card complaints rose from 237 to 332, but remained lower in number than virtual or digital fraud cases. Between January 2024 and May 2025, digital fraud complaints exceeded ATM fraud complaints by 3 350 cases, marking a dramatic shift in card fraud from plastic to virtual.
11 Aug 2025 1PM English South Africa Business News · Investing

Other recent episodes

Tongaat Hulett official shut down

Tongaat Hulett is shutting down following the collapse of its Business Rescue Plan. Cosatu parliamentary co‑ordinator Matthew Parks explains what this means workers, their jobs and employee protections, and what this means for workers.
12 Feb 3PM 14 min

Chinese carmaker climbs to third place in South Africa’s market rankings

Chery Group has climbed to third place in South Africa’s vehicle market, selling 5,221 units in January and overtaking Volkswagen Group Africa, which sold 4,774. Renai Moothilal, CEO of the national association of automotive component and allied manufacturers unpacks this new shift in the car market ?
12 Feb 3PM 12 min

Responsible Mining Must Put Communities and Ecology at the Centre

With the Mining Indaba in full swing, one of the key conversations should be focused on why South Africa’s pursuit of sustainable development in mining still remains uneven. While economic growth and investment imperatives continue to dominate decision-making, environmental protection and community wellbeing are too often treated as secondary considerations…
11 Feb 3PM 10 min

Beyond Numbers: The Human Side of Financial Success in Entrepreneurship

A study by FinScope MSME has highlighted that South Africa is home to around 3 million micro, small, and medium-sized businesses, employing an estimated 13.4 million people, making small businesses a critical part of the country’s workforce and economic future. To work towards curbing the challenges of entrepreneurship, there is…
11 Feb 1PM 11 min

Valentine’s Risk: What Couples Don’t Know About Money

As Valentine’s Day approaches, many South African couples are celebrating love, but few are talking about money. This is where problems often start. Reeona Chetty, Head of Advice at Vouch, unpacks the financial, legal and insurance blind spots couples face in South Africa, especially those living together but not married.
11 Feb 1PM 10 min
All episodes