The South African Banking Risk Information Centre (SABRIC) has released its Annual Crime Statistics for 2024, reflecting a significant decline in financial crime losses – but also warning of the growing threat posed by artificial intelligence (AI) in fraud schemes.
In 2023, South Africa recorded financial crime losses amounting to R3,3-billion. This figure dropped to R2,7-billion in 2024, representing a reduction of almost 18%. SABRIC attributes this improvement to the strengthened prevention and detection measures introduced by the banking industry.
Despite this progress, criminals have adapted to changing conditions.
Increasingly, fraudsters are exploiting AI tools to carry out scams.
“Criminals are leveraging AI to create scams that appear more legitimate and convincing,” says SABRIC CEO, Andre Wentzel. “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.”
The 2024 statistics highlight that digital banking fraud remained the most dominant channel, accounting for 65,3% of reported incidents. Cases almost doubled in volume, rising from 31 612 in 2023 to 64 000 in 2024, while losses increased from R1-billion to over R1,4-billion. Importantly, these incidents were the result of social engineering techniques that exploited human error rather than technical compromises of banking platforms.
AI-driven crime emerged as a growing concern with criminals deploying machine-generated content to deceive victims. Reports included phishing emails and WhatsApp messages crafted with AI, alongside early cases of voice-based deepfake scams impersonating individuals and banking officials.
SABRIC has cautioned that in 2025, realtime deepfake audio and video may become a common tool in fraud schemes.
Other crime categories also showed notable trends.
ATM attacks declined by 18%, resulting in a 44% reduction in cash losses. Associated robberies fell by 35%, with losses to clients down 64% – achievements attributed to the work of an industry-wide task team that has reduced ATM bombings.
Card-related fraud continued to be dominated by Card Not Present (CNP) transactions which made up 85,6% of gross fraud losses.