South African consumers have collectively lost an estimated R2 billion to online scams over the past year, according to the South African Banking Risk Information Centre (SABRIC). The organisation warns that the true cost could be much higher, as many victims do not report incidents due to fear, embarrassment or lack of awareness of reporting channels.
Cybercriminals are increasingly targeting consumers through fake shopping websites, phishing emails, fraudulent investment platforms and social media scams, capitalising on South Africa’s growing reliance on digital transactions. With more people shopping online, particularly during peak retail periods, experts say criminals are exploiting trust and convenience.
Insurance company iTOO Special Risks has cautioned consumers to remain vigilant, urging them to verify online retailers before making purchases, avoid clicking on suspicious links, and only use secure payment platforms. The company also recommends enabling two-factor authentication and regularly updating passwords to reduce risk.
Authorities and financial institutions are encouraging victims to report cybercrimes to their banks and law enforcement to help track syndicates, improve prevention strategies and reduce losses. As online fraud continues to evolve, cyber-security experts are calling for greater public awareness and safer online behaviour to protect consumers and their money.