Fraud dispute resolution is often manual and can take weeks. Research shows 73% of customers say their loyalty is heavily influenced by how fraud is handled. While customer satisfaction and retention may largely lie in the ambit of the CMO, a large part of the solution lies with today’s security leaders.
Despite increasing security efforts, South African digital banking fraud incidents grew by 86% in 2024 compared to 2023, accounting for roughly R1.9 billion in losses, with banking apps accounting for 65% of reported incidents.
Concomitantly, the National Financial Ombud Scheme’s banking division saw record complaint volumes in 2024 (over 15,000 complaints), with nearly 80% of the cases decided in the banks’ favour.
“While most of the major banks have digital fraud dispute reporting channels, the actual fraud dispute process remains cumbersome and largely analogue. It’s not…
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