The scale and sophistication of digital fraud in South Africa is reaching crisis levels, with the telecommunications sector at the centre of the storm
Speaking at the SAFPS International Fraud Summit in Johannesburg last week, Thokozani Mvelase, CEO of the Communication Risk Information Centre (COMRiC), issued a stark warning to the business community about the evolving nature of AI-driven scams and the urgent need for cross-sector collaboration.
“Scammers are no longer lone wolves with laptops, they are highly organised networks deploying artificial intelligence to create fake content and mask fraudulent activity,” said Mvelase. “In 2023 alone, over one trillion dollars was lost globally to scams, with the telecommunications industry a primary target. South Africa is not immune, and unless we act decisively, we will continue to bleed trust and capital.”
Mvelase issued a strong call to action. “Fraud is not a telecom problem, it is a national risk issue. Business leaders must treat it as such. This is the time for bold commitments and shared intelligence. We must outthink and outpace the criminals or risk allowing them to outmanoeuvre us all.”
The SAFPS International Fraud Summit brought together leaders in fraud prevention, financial services, law enforcement, and technology, with COMRiC positioning itself at the forefront of risk coordination across South Africa’s digital communication channels.
This article originally appeared on AI Impact. Click here to read the full story.