PODCAST: How to protect yourself against fraud
We all know people who lost money due to fraud. How can you ensure that you do not become part of the statistics?
South Africans face an increasingly risk-based landscape when it comes to fraud. Research by the Southern African Fraud Prevention Service (SAFPS) shows that identity theft has grown by more than 300% between 2021 and 2022, while cases involving money mules increased by 97% since 2021.
In 2021, money muling only comprised 22% of the fraud incidents reported to the fraud prevention service, but it increased to 35% in 2022 and to 43% in the first four months of 2023. The latest fraud statistics indicate that impersonation fraud increased by 356% over the past year, due to data leaks and compromised personal data.
There was a 600% increase in incidents reported by members of the service in 2022 compared to 2018. These incidents include conventional advance-fee scams, banking scams and impersonation scams.
