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Cybercrime hits banks, accounts for more than half of losses

Posted On: Oct. 5, 2018 6:06 AM CST

A report by the South African Banking Risk Information Center found that local banks' cybercrime losses accounted for more than half of crime-related gross losses, reported. The report found that nearly 16,300 cybercrime incidents occurred across banking apps, online banking and mobile banking in the first eight months, up 64% compared with the first eight months of 2017. Cybercrime cost banks 183 million South African rand ($12 million).

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