Fraud is no longer something perpetrated by dodgy people in dark corners who are easy to spot and avoid. They can now live in your devices.
Fraud has become one of the biggest risks for South Africans as the South African fraud landscape increased steadily over the past five years. The 2024 Fraud Statistics indicate a 32% increase in the number of incidents reported to the Southern African Fraud Prevention Service in 2023.
“This indicates that financial institutions and the retail sector are under significant pressure regarding fraud,” Van Schalkwyk says. Money muling is still one of South Africa’s most significant challenges, followed by forged documents, impersonation fraud and employee application fraud. Van Schalkwyk says many people want to help and willingly let these fraudsters use their bank accounts but while this may seem an innocent crime, research from Cifas in the UK points out that money muling funds activities such as drug and human trafficking and terrorist activities.
“To provide for their families many people are turning towards application fraud, where they forge documents to show they have specific qualifications for the job that they are applying for, while they do not,” Van Schalkwyk says. This is one of the primary reasons why the retail industry is under increased pressure, he adds.
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