Ombud Sees Significant Increase In Digital Banking Fraud Complaints
Loading player...
Guest – Nerosha Maseti, Lead Ombud at the Banking and Credit Division at the NFO
With virtual banking cards being offered across all digital banking platforms, and with the ability to load these cards on phones and other wearable devices, virtual cards are gaining ground over traditional physical cards or cash.
Unfortunately, this digital alternative is also increasingly being used by fraudsters when targeting unsuspecting bank customers.
The National Financial Ombud Scheme (NFO) has seen a significant increase in digital banking fraud complaints, rising from 1 436 cases between January and May 2024 to 2 483 cases during the same period this year - a whopping 73% year-on-year increase.
In contrast, ATM card complaints rose from 237 to 332, but remained lower in number than virtual or digital fraud cases. Between January 2024 and May 2025, digital fraud complaints exceeded ATM fraud complaints by 3 350 cases, marking a dramatic shift in card fraud from plastic to virtual.
With virtual banking cards being offered across all digital banking platforms, and with the ability to load these cards on phones and other wearable devices, virtual cards are gaining ground over traditional physical cards or cash.
Unfortunately, this digital alternative is also increasingly being used by fraudsters when targeting unsuspecting bank customers.
The National Financial Ombud Scheme (NFO) has seen a significant increase in digital banking fraud complaints, rising from 1 436 cases between January and May 2024 to 2 483 cases during the same period this year - a whopping 73% year-on-year increase.
In contrast, ATM card complaints rose from 237 to 332, but remained lower in number than virtual or digital fraud cases. Between January 2024 and May 2025, digital fraud complaints exceeded ATM fraud complaints by 3 350 cases, marking a dramatic shift in card fraud from plastic to virtual.
