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SAFPS to launch a ground-breaking platform to combat fraud

10May

By Africa BusinessNo Comments

South Africa News, Tech

SAFPS to launch a ground-breaking platform to combat fraud

Traditionally, South Africa has been a popular country among fraudsters looking for every opportunity to try and find their next victim. Statistics from the Southern African Fraud Prevention Service (SAFPS) point out that there was a 600% increase in incidents reported by their members in 2022 when compared to 2018. "The Southern African Fraud Prevention Service (SAFPS), in its role as the South African custodian of fraud prevention, has decided to take decisive action to tackle the problem that scams are posing to our economy. Over the years, the SAFPS has rolled out several important communication campaigns that aimed to educate South Africans about the various frauds and scams they can become victims of. However, the challenge is that reporting a scam – while important – is a reactive ...

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 for Banking Services (OBS), Reana Steyn, advises South Africans that scammers and fraudsters are likely to intensify their activities during the holiday season. “It is important to note that these fraudsters do not discriminate or have any regard for their victim's age, race or profession. Unfortunately, it is often the elderly that are most vulnerable and most likely to be left devastated by these fraudsters,” says Steyn who adds that these fraudsters a...

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 ...