Tag Archives: fraud

Your hot date may be a hotline to becoming a scam victim

Technology has disrupted many aspects of traditional life. When you are sitting at dinner and seeing a couple going out on a “first date”, consider that this may be their first in-person date and that they have been interacting (dating) online for months. According to global data and business intelligence platform, Statista, the number of online dating users in South Africa is expected to reach 6.7 million users by 2028. The report adds that the current user penetration rate of dating websites is believed to be 8.0% and may increase to 10.4% by 2028.

South Africans play a greater role in becoming scam victims than they care to admit

The South African fraud landscape is becoming increasingly risky as fraudsters and scammers look to target individuals with highly sophisticated scams in an environment where it is becoming increasingly difficult for lawmakers and authorities to bring these criminals to justice.

Fraud trends every CFO should know

PwC’s Global Economic Crime and Fraud Survey 2022 revealed that 46% of organisations have experienced fraud, corruption, or other economic crimes in the last 24 months. Ryan Mer, CEO of eftsure Africa, a Know Your Payee™ (KYP) platform provider, gives a rundown of what to look out for. 1. Fraud protection is no longer optional It’s hard […]

Don’t be an Ass (mule) this festive

The festive season is a time to be enjoyed, spending quality time with family and showering others in kindness and generosity. However, the South African festive season is also, unfortunately, synonymous with fraud. If history is anything to go by, many South Africans are expected to fall victim to fraud during this period. The Ombudsman […]

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, […]

Preventing escalating business fraud in SA starts with robust KYC

While legislation and the introduction of new regulations aim to combat fraud and corruption, South African businesses have the power to fight financial crimes by ensuring consistent Know Your Customer (KYC) procedures are in place. This is according to Sameer Kumandan, Managing Director of SearchWorks, South Africa’s largest innovative data aggregation platform. SearchWorks allows users to […]

South Africa. Banking customers are urged to remain extra vigilant during these trying times

South Africa is in the middle of one of the most tyring times in the country’s history. Unemployment was on the rise which will only worsen in the aftermath of the current situation. In addition, tensions are boiling over turning into violent acts and destruction which are currently disrupting society. This includes bank ATM’s and […]

A challenging, risk driven environment awaits us

As many parts of the world deal with the Third Wave of Covid-19 infections, there are growing concerns that South Africa may face harsher lockdown measures in the future as the country ramps up its vaccine roll out program. This will have a telling impact on society and will only accelerate the reliance on ecommerce […]

SA can prevent payments fraud crippling businesses and local municipalities

Ryan Mer, Managing Director, eftsure Africa, a Know Your Payee™ (KYP) platform provider says technology can be a powerful tool against the fraud and corruption plunging South Africa’s municipalities and businesses into financial crisis. According to a recent report in News 24, a former OR Tambo District Municipality project accountant who defrauded the municipality out of R9.8 million was […]

Financial Scams – How to avoid becoming a victim

Herman Lombard

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 […]