S.Africa: BLACK CRIME THREAT: Warning for South Africans with banking apps on their phones
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Warning for South Africans with banking apps on their phones
A new report has highlighted the rapid increase in banking app fraud in South Africa as more financial services move onto mobile devices.
The 2025 KnowBe4 African Cybersecurity & Awareness Report highlights the need for South Africans to exercise caution when using banking apps on their smartphones.
The report, based on a survey conducted in September 2024, polled hundreds of adults aged 30 to 60 across several African countries, including South Africa.
Respondents were employed in diverse sectors such as financial services, government, healthcare, real estate, and telecommunications, offering insights into cybersecurity awareness and digital habits.
Mobile financial service usage has surged, with 95% of respondents using either mobile payments, mobile banking, or both.
Notably, South Africa recorded a higher-than-average mobile banking usage rate of 50%, compared to the continental average of 36%.
This rise in digital financial activity, however, has expanded the attack surface for cybercriminals.
Smartphones and tablets are often used more casually than traditional computers, exposing users to greater risks due to less stringent security practices.
The proliferation of mobile transactions has coincided with an increase in cyber threats.
Many users conduct financial transactions on unsecured or secondhand devices, further escalating the risk of cybercrime.
Compounding the issue is the alarming rate of cellphone theft in South Africa, where an average of 189 phones are stolen daily, predominantly targeting women.
Stolen devices can grant criminals direct access to sensitive data, including banking apps and personal information.
Between April 2017 and March 2023, the South African Police Service (SAPS) reported 412,998 stolen mobile phones, with only 29% blacklisted by service providers.
Gauteng accounted for the highest percentage of thefts (29%), followed by the Western Cape (26%), KwaZulu-Natal (20%), and the Eastern Cape (7%).
These thefts occur in various settings—from snatch-and-grab incidents in public places to violent crimes like armed robberies.
Criminals are coming after your banking apps
The South African Banking Risk Information Centre (SABRIC) has warned that stolen phones are often targeted for the valuable data they contain.
Criminals seek access to banking apps, delivery services, and other personal information, such as identification documents, bank statements, and proof of residence.
Full access to victims’ emails and SIM cards further amplifies the potential for fraud.
Emerging threats include “fraud-as-a-service” platforms, which provide cybercriminals with the necessary tools and resources to execute and scale fraudulent activities. Additionally, there is a growing convergence of physical and digital crime, with incidents where victims are coerced or kidnapped to forcibly access their banking applications.
A survey of 29 banking fraud professionals from nine of South Africa’s top banks identified the most concerning types of fraud: APP fraud and vishing (52%), phishing and smishing (48%), and SIM swap fraud (35%).
The Southern African Fraud Prevention Services (SAFPS) has also noted a rise in mobile phone thefts specifically aimed at exploiting banking apps.
In light of these threats, the SAFPS advises that if a phone is stolen, the first priority should be contacting your bank to de-link your banking app from your accounts immediately.
Only after securing your financial information should you contact your mobile service provider to cancel the SIM card.
This sequence is crucial to minimizing the risk of unauthorised access to your financial data.
As mobile banking becomes increasingly integrated into daily life, maintaining strong security practices is essential.
Users are encouraged to set strong passwords, enable two-factor authentication, regularly update their apps and devices, and remain vigilant against suspicious activities.
Awareness and prompt action can significantly reduce the risk of falling victim to cybercrime in an era where digital and physical threats are increasingly intertwined.
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