JEREMY MAGGS: South Africa is haemorrhaging over R5 billion a year to telecom fraud, and that’s just the start. Sim swap attacks now account for around 60% of mobile banking breaches. The Communication Risk Information Centre, or Comric, has released its 2025 sector report and it’s warning of a crime wave that is crippling infrastructure, undermining digital trust and also threatening national security.
But the organisation says we’re not powerless if we act now. So let’s talk a little further about that. Comric’s chief executive officer, Advocate Thokozani Mvelase, a very warm welcome to you. R5.3 billion in losses, that’s a lot of money. How did we get there?
THOKOZANI MVELASE: Jeremy, thank you so much for inviting me onto your show. So the R5.3 billion is a combination of the various types of digital fraud events, like you just stated in your introduction. The 60% linked to Sim swap, Sim swap is amongst the others that contribute to that 60% banking fraud issues.
This article originally appeared on MoneyWeb. Click here to listen to the interview.