Major bank in South Africa takes R129-million cyber fraud hit

• Absa reported operational risk losses of R129 million in its interim results for the six months ended 30 June 2026 due to rising incidents of digital fraud.
• The rise in digital fraud was attributed to increasingly sophisticated social engineering techniques and malicious applications targeting customer devices, as well as a shift away from card skimming and cloning towards other forms of fraud.
• Absa's response to the surging digital fraud includes investing in new technologies, artificial intelligence, and digitisation, with the goal of enhancing operational efficiency and automation, and improving return on equity.