Financial Scams – How to avoid becoming a victim
South Africa has significantly more financial crime than most other countries. With a rate of 77% compared to a global average of 49%, SA is something of a hotbed for fraud and scams.
As consumers and insurance-seekers we need to understand the risks of economic crime and how to avoid becoming a victim, the risks of committing insurance fraud and how to avoid being inadvertent perpetrators of fraud ourselves, by for example, omitting information in an insurance application.
Herman Lombard, Founder and Executive Director of financial services provider African Unity, explains that an intentionally fraudulent claim could result in cancellation of the policy as well as a negative reputation with the insurer and the industry in general.
“Consumer fraud is the second highest ranking category of ...
