GREAT VISIONAIRE
JF-Expert Member
- Sep 28, 2012
- 365
- 452
Kenya has been ranked at the top of African countries in which South African-issued credit cards were used to commit fraud in 2017 to the tune of Ksh 23,947,983.33 (R2,943,694). It is followed by Ethiopia, Zimbabwe and Zambia.
According to the latest card fraud booklet by the South African Banking Risk Information Centre (SABRIC), there were a total of 255 fraudulent transactions at merchants in the country, majority of which 166 were through Card Not Present (CNP) fraud. 85 transactions were committed using counterfeit credit cards while three were stolen.
SABRIC says the percentage of all credit card gross fraud losses that occurred at merchants
outside the borders of South Africa rose from 50.6% in 2016 to 53.4% in 2017.
The remaining 46.6% of transactions occurred at merchants in South Africa. CNP fraud was the leading
contributor to the gross fraud losses on SA-issued credit cards in 2017, with 72.9% of the overall credit
card gross fraud loss Ksh 3.6 billion (R436.7m) attributed to CNP fraud.
According to the latest card fraud booklet by the South African Banking Risk Information Centre (SABRIC), there were a total of 255 fraudulent transactions at merchants in the country, majority of which 166 were through Card Not Present (CNP) fraud. 85 transactions were committed using counterfeit credit cards while three were stolen.
SABRIC says the percentage of all credit card gross fraud losses that occurred at merchants
outside the borders of South Africa rose from 50.6% in 2016 to 53.4% in 2017.
The remaining 46.6% of transactions occurred at merchants in South Africa. CNP fraud was the leading
contributor to the gross fraud losses on SA-issued credit cards in 2017, with 72.9% of the overall credit
card gross fraud loss Ksh 3.6 billion (R436.7m) attributed to CNP fraud.
