November 24, 2009

Credit card fraud continues to hit the local banking industry, the South African Banking Risk Information Centre said yesterday.In a statement, it said the industry's financial losses resulting from credit card fraud for 2009 had increased by 5%.This represented a significant downward trend in the growth rate of industry card fraud losses compared with the 30% increase last year, said Sabric chief executive Kalyani Pillay.

She said banks remained committed to raising the public's awareness of its role in supporting industry initiatives to mitigate bank card fraud.Most bank fraud losses involving South African-issued credit cards this year occurred inside the country, Pillay said.Gauteng, KwaZulu-Natal, and the Western Cape accounted for 89% of the losses, she said.Overall, card fraud losses inside South Africa this year decreased by 6%.

.