Digital banking icon with payment error alert and AI system code. (Photo: iStock) 
Recorded financial crime losses fell in 2024 to R2.7-billion from R3.3-billion in 2023 – a decline of almost 18%.
A South African Banking Risk Information Centre (Sabric) statement attributed this improvement “to the strengthened prevention and detection measures introduced by the banking industry”.
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Digital banking fraud remains the most common scam, accounting for just over 65% of reported incidents in 2024. This was also an area where losses increased, rising to R1.4-billion in 2024 from R1-billion the previous year.
Another concerning trend is the increase in AI fraud scams.
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“Criminals are leveraging AI to create scams that appear more legitimate and convincing. From error-free phishing emails to AI-generated WhatsApp messages and even voice-cloned deepfakes, these tactics highlight the need for proactive and collaborative strategies to protect consumers,” said Sabric CEO Andre Wentzel.
Crimes that showed a decline included an 18% fall in attacks on ATMs. An industry-wide task team has been working on the issue of ATM bombings, and it seems to be making progress.
/file/dailymaverick/wp-content/uploads/2025/09/ATM-attacks-.jpg "(Source: Sabric financial crime stats 2024)")
What this means for you
You need to stay alert and if you get a message that seems suspicious, treat it as such. Sabric has flagged toll plazas and service stations as hotspots for credit card counterfeit or cloning, so when making such transactions, always keep your eye on your card. The decline in losses clearly shows progress, but the rise in AI fraud could reverse that trend and raise the likelihood of you becoming a victim.
Old-fashioned heists and robberies linked to people depositing or withdrawing cash – known as “associated robberies” – fell 34% and the accompanying losses for clients by 64%.
“The notable decline in related robbery incidents is largely due to a collaborative project between the banking industry and the South African Police Service (SAPS), aimed at sharing information on identified suspects and alerting authorities when these individuals entered bank branches, enabling the identification of potential cash-withdrawal victims,” the Sabric report said.
“Associated robbery inside a branch decreased by 96% resulting in only one reported incident during 2024. The decrease can directly be attributed to the Associated Robbery project that led to the arrest of several suspects linked to inside branch robberies.”
These trends highlight the changing tactics employed by bank robbers. The image of masked gunmen storming a bank is being replaced by tech geeks who know how to deploy AI and digital scams. DM