Card fraud in South Africa is already on the up ahead of the
World Cup and banks face an even more difficult fraud problem
when football fans travel to the country this June.

Sharp increases in fraud were seen at previous World’ Cup
competitions in Germany and Japan and Korea, as well as at
the Beijing Olympics. Industry data shows that fraud
levels increased as soon as FIFA announced the event
would be held in South Africa.

“Because of the increased volume of amateurish ‘noise’ created
by opportunists, many of the phishing emails created by organised
criminals look incredibly professional,” said Jackie Barwell,
manager for financial crime products at Actimize.

“These more professional schemes will direct unsuspecting
victims to convincing web pages asking for credit card details or
online banking log-ins. Credit card and ATM card scams including
skimming are on the rise as well.”

Banks can address the issue with multiple
scoring tiers and sophisticated analytics to detect suspicious
activity. Using these types of solutions can reduce so-called
false positives, where accounts are frozen because of a
suspicion of fraud, rather than actual fraudulent activity. This is
of particular concern during the World Cup, when fans and bank
customers are out of the country and could have their accounts
automatically frozen while abroad.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData