fraud South Africa Archives - AfricaBusiness.com

Fraud of all kinds increased by a shocking 600% over the last four years in South Africa. Clearly, it’s more important than ever to follow best practices when doing due diligence before sealing a business deal with someone – whether client or enterprise. Robust Know Your Customer (KYC) or Know Your Business (KYB) checks are one of the best ways to mitigate fraud risk, says Sameer Kumandan, Managing Director of SearchWorks, South Africa’s largest and most innovative data aggregation platform. “Having reliable data is crucial before making any significant business decisions. Whether it’s hiring a new employee or partnering with a supplier, having accurate information will not only reduce the risk, but also provide confidence in the decision-making process.” But such in-depth checks can pro...

Business Email Compromise (BEC) and cyber attacks are on the increase worldwide. Conveyancing firms, their clients, and other organisations effecting many large non-recurring type transactions are particularly vulnerable to BEC fraud. Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider says gaps in organisations’ payment systems not only pose massive financial and reputational risks, but can have serious legal implications as well. According to a global survey conducted by Mimecast Cyber Security Services in 2020, six out of ten companies globally were infected with ransomware and there was a 64% increase in email threats. An Accenture report from May 2020 confirms South Africa had the third most cybercrime victims globally, resulting in losses toppin...

Tag: fraud South Africa

How each department in every SA business can mitigate fraud in 2024

BEC Attacks: Who is legally responsible?