Sim-swap fraud costing South Africa R5.3-billion a year

Sim-swap fraud costing South Africa R5.3-billion a year

Fraud in the telecommunications sector is costing the South African economy an estimated R5.3-billion/year – and Sim swap-related attacks are a significant contributor, accounting for 60% of all mobile banking breaches. This is according the Communication Risk Information Centre’s (Comric’s) 2025 sector report, released on Tuesday. Comric is an industry body funded by MTN, Vodacom,…

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Cash addiction is costing South Africa billions

Cash addiction is costing South Africa billions

South Africans’ heavy reliance on cash, instead of using advanced digital payment rails, costs the economy more than R30-billion/year. This is according to Tim Masela, head of the National Payments System at the Reserve Bank, whose commentary in the Payments Association of South Africa’s (Pasa’s) annual report notes that positive strides taken to digitise the…

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