Criminals hit major bank and its customers for R129 million in South Africa

• Absa suffered R129 million in losses due to fraud, primarily targeting digital banking channels.
• The increase in operational risk is attributed to growing use of online and mobile banking, which has created opportunities for criminals to target customers through social engineering and malicious software.
• Absa's increased spending on cybersecurity and technology aims to strengthen its defences against cybercrime and protect its customers' financial transactions.