Anyone with bank and card accounts is being warned that account takeover fraud losses are rising in South Africa.
According to the 2025 SABRIC Annual Crime Statistics Report, account takeover fraud occurs when criminals unlawfully hijack an existing customer’s account credentials to manipulate funds and payment mechanisms.
According to the SABRIC, the fraud often starts with criminals tricking customers into handing over sensitive banking information.
“Account Takeover fraud usually begins when fraudsters obtain a customer’s banking or card credentials through phishing emails, malicious links or phone calls in which they impersonate bank officials,” the report said.
Customers are then persuaded to provide login details or one-time passwords (OTPs), enabling criminals to access accounts, conduct unauthorised transactions, and withdraw or transfer funds.
SABRIC also warned that criminals are increasingly using remote-access software and screen-sharing features in these scams.
“Victims were persuaded to install remote-access software or enable screen-sharing functionality under the pretence of receiving technical support, fraud prevention assistance, or account verification services,” it said.
Once access is granted, criminals can potentially view sensitive information, interfere with transactions, capture credentials or help transfer money to newly added beneficiaries.
Identity compromise, credential theft, synthetic identities and SIM-swap activity can also be combined to facilitate Account Takeover fraud and help criminals move or conceal the proceeds.
The scale of the increase was particularly noticeable on cards. Credit card Account Takeover losses rose 66.7%, from R12.6 million in 2024 to almost R21 million in 2025.
Debit card losses increased even more sharply, jumping from R1.65 million to R7.02 million, an increase of more than 325%.
Most of these losses occurred domestically. South Africa accounted for 80.1% of credit card account takeover losses and 75.9% of debit card losses.
“For credit cards, ATMs, Wholesale Retailers and Supermarkets were among the main merchant groups, with ATM withdrawals accounting for 27.3% of losses,” SABRIC said.
“For debit cards, Wholesale Clubs (accounting for 33.9% fraud losses), Foreign Currency Agencies and Supermarkets were prominent.”
The report said the South African experience reflects a wider international trend, where criminals increasingly use phishing, impersonation, and other social engineering tactics to obtain credentials or manipulate authentication processes.
These attacks exploit customer trust rather than directly breaking into banking systems. Criminals may impersonate bank employees, persuade customers to approve access or authorise payments under false pretences.
The warning comes against a broader increase in card fraud in South Africa. Combined credit and debit card fraud losses increased 18% year-on-year to R1.75 billion in 2025, up from R1.48 billion in 2024.
Credit card losses increased 29.3% to R739.2 million, while debit card losses rose 10.9% to R1.01 billion.
Card-not-present fraud remained the largest contributor at R780.5 million, while lost or stolen card fraud accounted for R287.2 million.
SABRIC also reported significant developments across other forms of financial crime. Vehicle asset finance fraud applications increased 41% to 71,747, while potential losses prevented or declined reached R28.3 billion.
Mortgage fraud applications rose 3.4% to 4,942, although potential losses declined to R5.3 billion. Unsecured lending fraud applications fell 34% to 41,148.
Physical attacks on banks generally declined. ATM attacks fell by 45.8% to 163 incidents, while bank branch robberies dropped from 8 to 2. However, associated robberies, including ATM-related “follow-follow” incidents, increased 43% to 592.
