types of scams in south africa Archives

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...

Despite the continued reports about the tough economic environment facing South African consumers and the fact that disposable income is steadily decreasing, South Africans are still enjoying Black Friday sales. Statistics released by First National Bank show that over R2.4 billion was spent in-store during 2022 Black Friday sales, while R670 million was spent on online sales. FNB reports that the value of online purchases (where a card was not present) increased by 31% compared to 2021 black Friday sales, while in-store spending increased by 18%. While consumers are trying to find the best way to stretch their Black Friday budget, the Southern African Fraud Prevention Service (SAFPS) warns that scammers are very active during this period. "The increases presented by FNB show active part...

Tag: types of scams in south africa

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

Top scams to watch out for as you enjoy this year’s Black Friday sales