South Africa’s financial services industry is battling to meet the booming demand for greater digital access to products and services during the COVID-19 pandemic.
At the sam time the sector also needs to address the challenges of an increase in online fraud aimed at consumers.
According to TransUnion’s latest quarterly analysis of global online fraud trends, fraudsters are targeting businesses less, but increasing COVID-19 focused scams against consumers online recently.
TransUnion’s latest consumer financial hardship surveys found South African consumers have been a target of digital fraud related to COVID-19 schemes has increased 17% from the early days of the pandemic in April to more recently 42% saying they have been targeted.