Non-profit organization Sabric was established by four banks to help combat organized crime involving banking and cash-in-transit companies within the country.

Kalyani Pillay, CEO of Sabric, highlighted that online banking fraud is increasing due to a rise in phishing and malware attacks. She further explained how social engineering tactics can manipulate individuals into divulging sensitive information without realizing it is being given to cybercriminals.

The growing trend of consumers using online banking platforms means smartphones and other handheld devices are becoming more vulnerable. Sabric collaborates closely with law enforcement agencies to adopt a coordinated strategy against such crimes.

In addition, Sabric has launched an initiative called ‘Skelm’ aimed at raising awareness among South Africans about protecting themselves from banking fraud. This campaign includes distributing essential cybersecurity tips for consumers.