banking fraud Archives - AfricaBusiness.com

17Nov

By Africa BusinessNo Comments

African News

SAFPS Warns: Technology is Emerging as a Major Battleground in the Fight Against Fraud

International Fraud Awareness Week is a global annual event dedicated to raising awareness about the widespread issue of fraud and showcasing the efforts across various sectors to combat this growing challenge. This year it takes place from November 17 to 24. "The role technology plays in fraud, and scams is becoming particularly challenging in South Africa," says Nazia Karrim, Head of Product Development at the Southern African Fraud Prevention Service (SAFPS), “with South Africa growing into an increasingly connected society, online fraud is a significant challenge that needs to be addressed." Be Careful of Business Email Compromise (BEC) The increased nature of technology-based fraud is evident in the recent statistics accompanying it. This is a significant challenge for companies th...

28Aug

By Africa BusinessNo Comments

Fintech, South Africa News

Remain vigilant in the face of increased banking scams urges the SAFPS

The end of the year is fast approaching, and with it, the festive season and general anticipation for that hard-earned vacation that many South Africans work so hard for during the year. While this is a time of good cheer and increased shopping activity to prepare for the December break, it is also a busy time for scammers who want to take advantage of this activity. Many South Africans have recently contacted a popular Johannesburg radio station reporting increased attempts at banking fraud, with scammers sometimes becoming increasingly aggressive and convincing. "This is not uncommon," warns Roy Retief, Head of Operations at the Southern African Fraud Prevention Service (SAFPS). Scammers generally tend to be more active during periods of increased consumer activity. It is essential to...

31Jan

By Africa BusinessNo Comments

Fintech

New wave of fraud targeting bank customers

Fraud continues to pose the risk of serious financial losses for banking customers. All indicators are pointing towards the fact that there are new scams and an increasing number of the victims, warns Reana Steyn, the Ombudsman for Banking Services (OBS). The basic modus operandi of these scams is not new. However, over the years, there is a constant change in the execution techniques that fraudsters have applied. “The success of these scams, and their evolution, is heavily guided by how the consumer will react in each situation,” advised Steyn. Steyn highlighted two recent matters that were investigated by her office where two private banking customers fell victim to the same scam under the exact same circumstances. The story behind convincing the victims to disclose their confiden...

17Sep

By Africa BusinessNo Comments

Fintech, South Africa News

Your immediate response to prevent banking fraud

If you are like any normal South Africa, you approach intersections labelled high crime or high smash and grab zone with an overabundance of caution and the same applies to any intersection where there are a lot of people loitering around your vehicle. The last thing you want is to become a victim of a crime of opportunity, Close to 41% of the South African population has a smartphone. With Government encouraging the public to practice social distancing, online banking platforms have become extremely popular. Criminals are aware of this and reports from the South African Police Service point out that when it comes to crimes of opportunity (i.e.: smash and grab) criminals press their victims for their online banking password before making off with the phone. “This creates a situation ...