DA calls for Cyber Commissioner to protect South Africans from AI banking scams

South Africans are facing a new wave of threats in the banking sector. AI-driven scams are on the rise, and digital banking fraud is increasing at an alarming pace.

According to the South African Banking Risk Information Centre (SABRIC), the number of digital banking fraud cases doubled between 2023 and 2024, with financial losses rising from R1 billion to R1.4 billion.

While overall financial crime losses fell, scams targeting everyday customers are becoming more common, putting South Africans at severe risk.

At present, banks in South Africa are not legally required to refund customers who fall victim to scams. If a customer can prove a bank was negligent, they may pursue compensation, but this is often a lengthy and costly process. Meanwhile, scammers continue to exploit weaknesses in digital systems, leaving consumers exposed.

The Democratic Alliance (DA) believes that technology must be part of the solution, not just the problem. South Africans deserve safer digital spaces and stronger protection against cybercrime.

That is why the DA has proposed the 20th Amendment to the Constitution, which seeks to establish a Cyber Commissioner.

This independent commission would strengthen cyber security across government and the private sector, ensuring the police have the tools and expertise to investigate cyber-enabled crimes, including AI-driven bank scams.

The Cyber Commissioner would also create a hub for monitoring and reporting cyber threats, help coordinate private and public sector training, and issue clear rules to safeguard sensitive information. In short, it will give both the state and citizens the protection they need against cybercriminals who exploit technology for financial gain.

South Africans should not have to worry about being defrauded every time they use their bank accounts.

The DA's plan for a Cyber Commissioner is about taking action now to protect citizens, strengthen institutions, and ensure our country keeps pace with technological change