Losciuto replaces Roger Sikhakhane, who resigned last month.
The Belgian coach recently parted ways with Black Leopards after he joined the club a year ago.
Losciuto, who was once linked to Free State Stars, took the Limpopo-based side to the PSL promotion playoffs last season, but they were unable to book themselves a spot in the big league.
This season things were not going well for Losciuto at Lidoda Duvha and he was shown the door and immediately replaced by Ivan Minnaert.
Richards Bay FC chairman S’fiso Biyela has confirmed Losciuto's appointment.
“Yes, Loscuito is our coach until the end of the season with an option to renew,” Biyela tells KickOff.com.
Loscuito will be reunited with former Leopards players Khaya Shozi and Siphesihle Mkhulise, who are both on loan from Mamelodi Sundowns.
He was in charge of 33 games at Leopards, winning 13, losing 10 and drawing 10.
After the FIFA international break, Loscuito’s first game in charge at the club will be against Witbank Spurs at Umhlathuze Sport Complex on November 18.
Richards Bay, who are second-from-bottom on nine points after 10 matches, are winless in the last five games, so Losciuto will have his work cut out to get them out of the relegation zone.