Johannesburg – The South African Fraud Prevention Service
(SAFPS) says it saved banks more than R1.7 billion last year.
In a statement issued on Tuesday, the service notes that
identity fraud, where everyone is at risk, is on the increase in South Africa.
In 2016, its fraud database saw growth of 8.3 percent,
protective registration by 11 percent, and the registration of victims by 12.5
percent.
In banking specifically, it saw an increase in filings of
fraud listings by 24.2 percent. The number of accounts refused because of fraud
listings increasing by 21.5 percent.
In addition, the volume of data provided to SAFPS members
via the SAFPS system is continually growing, as stakeholders actively report
and file cases of confirmed fraud in the database, it says.
Read also: Accentuate going after R70m lost to fraud
Manie van Schalkwyk, executive director of the non-profit,
adds “in keeping with our strategy to add value in 2017, we are actively
targeting the insurance and medical aid sectors which will significantly
enhance the database”.
“Together, our efforts can reduce the perception of South
Africa as a crime-ridden nation and ensure that in this investment critical
phase of our economy, it is considered an investment-friendly destination.”
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