Fraud in South Africa

Fraud in South Africa

There are so many different types of fraud in South Africa and thousands of people, including businesses, targeted every year. Millions of Rands are being stolen every year and the resources are steady increase in identity fraud. Corporate identity theft have, especially increased, but almost 10% of businesses falling victim to some form of identity fraud in a year.

It is much more lucrative for criminals to target businesses is that there is much more money involved. Surprisingly, a lot of business information gets stolen, due to the fact that businesses do not completely destroy documentation. This includes banks, which is how fraudsters are easily able to target unsuspecting customers. Documentation that contain personal details such as identity numbers, addresses and bank account numbers, gives Forster is the perfect opportunity to steal money falsely under someone else’s name.

Corporate identity theft can result in reputational, financial or legal damage for the business, especially when customers begin to wonder how their personal information ever got into the hands of fraudsters. Under the law, businesses have a legal requirement to ensure that the personal information of all their customers and stakeholders remain secure at all times.

Fraud is especially high in peak seasons, which is why businesses and individuals need to be very wary off for during the festive season for example. Businesses need is always destroy all the documentation effectively while consumers need to keep their banking details and the bank cards safe.

Categories: General