Tag Archives | Fraud

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Which puts you most at risk of fraud_online, mobile or app

Which puts you most at risk of fraud: online, mobile or app?

You’re most at risk of becoming a victim of digital banking fraud if you use a mobile device – but the risks are much lower if you use a banking app. And online (desktop/laptop) banking is the safest of the three, although it’s likely that if you are scammed, you will lose the most money […]

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Two scams on the rise

Two scams on the rise in South Africa

An article in Businesstech warns vehicle owners against two new schemes devised by fraudsters to steal your vehicle. The Insurance Crime Bureau (ICB) has recently issued a vehicle recall scam alert following a resurgence in the number of cases, while blue light hijackings are also on the rise again. Vehicle recall scam “Criminals execute a […]

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Are you potentially exposed to the risk of screen scraping?

In 2020, the South African Reserve Bank (SARB), the Payment Association of South Africa (PASA) and the Financial Sector Conduct Authority (FSCA) issued a joint statement warning consumers about the risks associated with instant online EFT (electronic fund transaction) payments, particularly in relation to screen-scraping. (Read: Instant EFT – Payment option can lead to online […]

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Tribunal finding that Industry is improving in debarment process

A fundamental character trait of a person who provides financial services and furnishes advice to members of the public is honesty and integrity. This goes hand in hand with conducting business with the necessary due skill, care and diligence. If an adviser fails to meet these requirements, and the correct disciplinary process is followed, he […]

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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 […]

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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 […]

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