SA Corona Virus Online Portal Logo
CLICK HERE FOR MORE INFORMATION

Secondary

Tag Archives | Fraud

Banner: Videosign – Horizontal

phone

Fraud awareness – Don’t be a victim of sim swop

COVID-19 has impacted our everyday lives, from how we socialise, how we shop and even how we bank. According to health recommendations, one of the most effective ways to contain the current COVID-19 epidemic is to avoid personal contact. As a result, most banks globally have reduced their branch opening hours and recommended their customers […]

Continue Reading
lawss

Insurance fraud – Global spike due to COVID-19

Insurance fraud is a world-wide phenomenon, especially during times of economic collapse. The Insurance Council of New Zealand (ICNZ) launched its own fraud bureau last year, and, according to its 2019 data, $688 million out of the $1.31 billion in paid claims is estimated to have been a result of insurance fraud. “That number is […]

Continue Reading
insruancefraud

Insurance fraud – Broker gets seven year prison sentence

“Following years of delaying tactics by the accused, designed to avoid prosecution, an insurance broker has been sentenced to seven years imprisonment for insurance fraud and related crimes,” the Insurance Crime Bureau (SAICB) recently reported. After numerous red flags were raised, following suspicious claims submitted by a broker on behalf of his clients, a member of […]

Continue Reading
fraud

Insurance Fraud – Part of the South African trifle?

Recent announcements by the President and Minister of Finance conveyed the disgust of South African citizens with the rampant plague of theft and fraud permeating the country. A headline in Daily Maverick Citizen on 2 August read: There should be a place in jail for everyone who steals from their own people. But there should be […]

Continue Reading
Banner: Videosign – Horizontal

technology

Passwords and Cybersecurity – Increase in cyber fraud calls for tighter safeguards

Cybersecurity awareness is particularly critical at this time, as cyber criminals have taken advantage of the global situation. One of the starting points to improve cyber security is password security, as your password is the one thing that stands between your accounts and a cybercriminal accessing your personal and secure information, as well as company […]

Continue Reading
pension-fund

Pension Benefits – Permissible deductions where fraud is alleged

A recent determination by the Financial Services Tribunal concerned the PFA’s order to release withdrawal benefits to employees. The employer challenged this decision as it originally withheld the benefits based on a disciplinary inquiry into allegations of soliciting and taking bribes against the two employees. What does the Pension Fund Act say? Section 37D(1)(b) of […]

Continue Reading
judgement-gavel-on-white_4460x4460

Fraud Awareness Week – Tips to prepare for the holiday season

This week marks International Fraud Awareness Week. Several institutions and companies have joined the initiative and are exercising global efforts to minimise the impact of fraud by promoting anti-fraud awareness and education. According to John Burcham, a Certified Compliance and Ethics Professional, it is also a good time to prepare your business for holiday scam […]

Continue Reading
crimestats

Crime stats and insurance fraud

“Crime likely to affect forthcoming tourist season” “SA is at war with itself” “Crime stats show that situation is ‘quite bad’” These are just some of the media headlines after the release of the annual crime statistics which revealed that over 21,000 murders were recorded for the 2018/2019 year, an increase of 686 over the […]

Continue Reading
trading

Collective effort required to curb fraud – Institutions, law agencies and public need to collaborate

Crime syndicates are opportunistic and continually adjust their tactics to take advantage of any opportunities to get their hands on bank client’s money be it via a cash robbery, stolen card data or solicited confidential information. This was one of the views of SABRIC, the South African Banking Risk Information Centre, with the release of […]

Continue Reading