According to the South African Banking Risk Information Centre (SABRIC), digital banking fraud incidents jumped from 52 000 in 2023 to nearly 98 000 in 2024, driven primarily by social engineering attacks that exploit human error rather than system flaws. SABRIC warns that this trend is likely to escalate, with AI-generated deepfake audio and video scams becoming more widespread. Over the past year, deepfake-related scams in South Africa have surged by 1 200%, with the banking and fintech sectors bearing the brunt.