The surge in fraudulent attacks and exploitation of customers in Africa has been linked to the ongoing digitalization of services and criminal exploitation of new payment methods. According to the Global State of Fraud and Identity Report, South Africa has the highest average loss to scams in Africa at $800 per scam, followed by Egypt at $700, Nigeria at $425, and Kenya at $350.

The report notes that the acceleration of digital transformation in many financial institutions across the continent has also affected the vulnerability of customers to fraudulent attacks, leading to significant financial losses for individuals and businesses. Furthermore, 80% of organizations across the world were targeted through payment fraud attacks in the past year, with 20% of customers reporting having been victimized by payment fraud.

The rise of e-commerce, digital wallets, cryptocurrency, and peer-to-peer solutions has expanded the attack surface for fraud, making it essential for financial institutions to educate consumers about emerging threats and the importance of security measures to protect themselves from fraudulent threats. As institutions struggle to adapt quickly, fraudsters will keep exploiting any security lapses, making it crucial for consumers to be aware of what to look for and what to do to fight back.