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SABRIC Warns of Rising AI-Powered Fraud in South Africa Despite Overall Drop in Financial Crime – iAfrica.com | SA News

South Africa is facing a sharp rise in AI-powered fraud schemes, even as overall financial crime losses declined by 18% in 2024, according to the South African Banking Risk Information Centre (SABRIC), which released its Annual Crime Statistics Report on Tuesday.

SABRIC reported that financial crime losses dropped from R3.3 billion in 2023 to R2.7 billion in 2024, crediting stronger banking sector prevention measures and detection technologies for the improvement. However, it warned that criminals are evolving rapidly, using generative AI tools to create scams that are more convincing, targeted, and difficult to detect.

AI Takes Fraud to the Next Level

SABRIC CEO Andre Wentzel said…

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  2. Voetsek! – Go away! [foot-sak] Usually said with an angry tone when telling someone to go away or get lost. You don’t want to be saying this to a local or worse, if a local says this to you – you’ve really angered them!