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Sim-swap fraud costing South Africa R5.3-billion a year – TechCentral | SA News

Sim-swap fraud costing South Africa R5.3-billion a yearFraud 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, Telkom, Cell C and Liquid Intelligent Technologies that assesses and works to mitigate against risks threatening the sector’s resilience, including infrastructure crime, cybercrime and natural disasters.

Comric, at a launch event in Sandton.

“Cybersecurity ranks in the top three global risks by likelihood…

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  1. Fun South African Fact: The Karoo region in the Western Cape is home to some of the best fossils of early dinosaurs. In fact, it is estimated that some 80% of the mammalian fossils found to date were found in the Karoo.