South African life insurers and investment companies prevented fraud and dishonesty worth R1.6 billion in 2025, up from R1.4bn in 2024, although actual losses edged up from R131.6 million to at least R133.2m.
The annual statistics compiled by the Forensic Standing Committee of the Association for Savings and Investment South Africa (ASISA) show that the number of detected incidents fell by 16%, from 16 520 in 2024 to 13 897 in 2025.
Jean van Niekerk, convenor of the ASISA Forensic Standing Committee, says ASISA reports fraud statistics under five categories: remuneration fraud, fraudulent applications, fraudulent and dishonest life insurance claims, fraudulent withdrawals and disinvestments, and other fraud.
Remuneration fraud continued to account for more than half of all detected incidents in 2025. It generally involves fraudulent attempts by call centre agents, tied agents, or independent financial advisers to benefit from commission and/or fees.
ASISA members detected 9 291 remuneration fraud incidents in 2025, down from 9 904 in 2024. However, actual losses increased from R19.2m to R26.2m, while the amount prevented declined from R2.5m to R1.7m.
The number of fraudulent withdrawals and disinvestments detected increased from 274 in 2024 to 329 in 2025, reversing the reduction recorded in the previous year. These incidents involve attempts to access investments fraudulently and may include deceased-estate fraud.
Despite the increase in detected incidents, actual losses in this category declined from R44.3m to R34.6m. The value of losses prevented was R242m, compared with R244.6m in 2024.
Fraudulent applications remained broadly unchanged, with 164 incidents detected in 2025 compared with 166 in 2024. However, the value prevented increased from R192.8m to R208.7m, while actual losses declined from R1.6m to R1.4m.
Incidents classified as other fraud fell from 671 to 259. The value prevented declined from R11m to R4.3m, and actual losses fell from R27.4m to R16m. This category includes attempts to obtain investment-policy benefits, as well as bribery and corruption.
Murder for insurance payouts
Van Niekerk says that although all types of fraud and dishonesty are of concern, ASISA members are particularly focused on stamping out murder for insurance payouts.
“While murdering someone for an insurance payout involves an act of fraud, the seriousness far transcends that of typical financial crimes like remuneration fraud, material non-disclosure, and identity theft.”
The Forensic Standing Committee is compiling a more detailed analysis of murder for insurance payout statistics, and future reporting will include confirmed and suspected cases. The committee also commissioned research to identify the key drivers of this crime and recommend actions that insurers and law enforcement can take to clamp down on it.
Van Niekerk reports that ASISA and its members are engaging with authorities to consider appropriate ways to address the potential exploitation of life and funeral policies for criminal purposes. In addition, ASISA formed an Information Sharing Working Group at the beginning of 2026 to propose options for an industry-wide data-sharing capability to detect, disrupt, and prevent fraud more effectively.
Focus on deceased estate fraud
In 2023, ASISA members became aware of a new type of fraud targeting deceased estates. Deceased estate fraud involves impersonating legitimate parties and fabricating letters of executorship and other documents, as well as opening fraudulent bank accounts in beneficiaries’ names through impersonation and false executors.
Van Niekerk says the industry reacted quickly to curb this type of fraud, reducing cases from 161 in 2024 to 43 in 2025. The Forensic Standing Committee established an Estate Late Fraud working group in 2024.
In addition, several ASISA members signed a Memorandum of Understanding to ensure the lawful sharing of data and trends, aimed at helping prevent deceased estate fraud. Awareness campaigns were also launched to encourage vigilance among consumers and back-office staff.
