Payment Fraud: Steps to Take If Your Business Gets Scammed
Payment fraud is a nightmare scenario for any business. Irrespective of size, companies face substantial financial and reputational harm resulting from fraudulent activity. Depending on the severity of the crime and the losses incurred, the very survival of the business may be at stake.
Ryan Mer, CEO at eftsure Africa, a Know Your Payee™ (KYP) platform provider, says banking and payment fraud remains a serious concern as fraudsters use increasingly sophisticated methods to exploit process vulnerabilities and take advantage of human error.
A 2021 TransUnion report noted a significant surge in fraud and criminal activity related to financial services in South Africa, with fraud in this sector surging over 187% in the last year. An Accenture report from the previous year confirms South Afr...