Innovation

Hylton Kallner, Discovery Bank

Discovery Bank has steadily driven down the number of clients falling victim to electronic funds transfer (EFT) fraud by 80% between October 2025 and February this year through the use of powerful AI models. CEO Hylton Kallner says it developed a proprietary “Trust” alert in response to the increasing prevalence of fraud across the market, which is affecting all banks, including Discovery.

According to the most recent data from the South African Banking Risk Information Centre, digital banking fraud has spiked noticeably since 2022, with the number of incidents surging by 86% in 2024 and total losses of just under R2bn.