DailySun
Johannesburg – With the surge in digital banking fraud now doubling, the official opposition is pushing for a new constitutional amendment aimed at establishing a specialized cybersecurity authority.
In response to a drastic rise in AI-driven banking fraud, the Democratic Alliance (DA) is advocating for the prompt creation of a Cyber Commissioner to protect South African consumers.
This proposal follows a recent report from the South African Banking Risk Information Centre (SABRIC), revealing that incidents of digital banking fraud soared from 2023 to 2024, with financial losses jumping from R1 billion to an alarming R1.4 billion.
RELATED: SABRIC Reports Decline In Banking Crime Losses, Warns Of Escalating AI-Driven Fraud – The Bulrushes
While there has been an overall drop in crime-related losses, the report highlights a concerning trend: more intricate scams targeting individuals are increasing.
Currently, banks have no legal obligation to repay victims of authorized scams, forcing consumers to absorb the losses unless they can prove bank negligence, a process that is often lengthy and expensive.
The DA’s initiative, referred to as the 20th Amendment to the Constitution, aims to establish an independent Cyber Commissioner to lead the nation’s efforts against cybercrime.
Glynnis Breytenbach, the DA’s Spokesperson on Justice and Constitutional Development, stated: “South Africans are facing a new array of threats in the banking sector.
“AI-driven scams are multiplying, and the frequency of digital banking fraud is rising at an alarming pace.
“The DA believes that technology should be part of the solution, rather than just a challenge.”
Breytenbach further noted: “South Africans shouldn’t live in fear of being defrauded each time they access their bank accounts.”
The proposed Cyber Commissioner would be responsible for enhancing cybersecurity protocols within both government and the private sector.
Key responsibilities would include equipping law enforcement with the tools and expertise necessary to investigate cyber-related crimes, establishing a central hub for threat monitoring, coordinating training programs, and crafting clear guidelines to safeguard sensitive citizen data.
“The Cyber Commissioner would offer both the state and citizens essential protections against cybercriminals who exploit technology for financial gains,” Breytenbach emphasized.
“Our plan focuses on taking proactive steps now to safeguard citizens, strengthen institutions, and ensure our nation keeps pace with technological advancements.”
*This article first appeared in our sister publication techfinancials.co.za
