According to a Visa report, AI-powered scams have emerged as the largest threat in payment fraud, as enhanced network-level security measures have diminished chances for direct system breaches. This shift has led criminals to increasingly exploit human trust to carry out their fraudulent activities.

Lars Gumede highlights the urgent need for South Africa to prioritize cybersecurity, noting that Eskom reports over 1 billion cyber attacks monthly and a 1,200% increase in deepfake scams over the past two years. These statistics underscore the growing threat of cybercrime in the country.

According to TechCabal, South Africa's largest banks are adopting mobile services to enhance customer engagement and expand their user base. This shift is seen as a strategy to generate new revenue streams amid a stagnating banking market, as banks aim to integrate more deeply into customers' daily digital activities.

A recent AP-NORC survey reveals that most Americans face daily scam attempts, with approximately 30% having lost money or personal information to these scams. The poll, conducted in February, illustrates the challenges U.S. adults encounter as they attempt to filter out fraudulent communications, such as calls and messages that may contain urgent requests.

Brazil is implementing a crackdown on illegal online gambling by freezing the funds of operators and holding banks accountable for their involvement. This move serves as a potential lesson for South Africa, which may need to consider similar measures in its own regulatory approach to online gambling.

Visa, along with First National Bank (FNB) and Rand Merchant Bank (RMB), is focusing on the corporate cash market, following the trend of South Africans adopting digital payment methods at retail locations. The companies believe that businesses will increasingly move towards digital transactions, similar to consumer behavior.