A survey of banking leaders on fraud risk: 2026 South Africa edition

South African banks face a rapidly evolving fraud landscape shaped by the growth of digital banking, faster payments, increasingly sophisticated scams, and organized criminal networks operating across channels and borders. While regulators and industry bodies push for stronger controls and collaboration, AI tools, data leaks, and targeted social engineering accelerate the scale, speed, and precision of attacks. Reports of express kidnappings, where criminals abduct consumers and force them to empty their bank accounts, also continue to grow.

To better understand the current landscape, BioCatch surveyed 100 fraud and financial crime leaders at banks across South Africa. The findings offer a snapshot of how industry leaders across the country see the moment: where the strain is building, which threats worry them most, and how ready they feel for the regulatory and technological shifts ahead.

In these results, you’ll discover:

• Fraud increasing: Three-fourths of those surveyed (75%) report increasing fraud attempts at their institution, and 81% estimate their institution’s annual fraud losses at more than $5 million (R82.3 million).
• Confidence remains high: Despite reporting some of the highest increases in fraud attempts and losses across all regions surveyed, South African banking leaders remain highly confident in their defences. Ninety-one percent rate their controls as effective, and 69% as highly effective, both well above global averages (76% and 48%). C-level executives are slightly more conservative, with 64% rating controls as highly effective.
• Partial reimbursement the norm: Partial reimbursement appears the prevailing model in South Africa, with only 40% of respondents reporting that their institution reimbursed more than half of scam victims.
• Behaviour valued: Behaviour-based solutions are gaining meaningful traction in South Africa, where 40% of those surveyed indicate their org is actively using behavioural metrics, exceeding the global average of all 17 countries BioCatch surveyed.
• Real-time payment payment platforms a significant concern: A large majority (89%) of respondents recognized instant payment platforms like RTC as presenting a moderate to very high risk for fraud.
• Reputation over finances: Reputational risk is a defining feature of South Africa’s fraud landscape, with 78% of respondents ranking it as equal to or greater than the financial risk of fraud and scams.

Download the report to see the full results and accompanying analysis from our global fraud intelligence team.