Fraud Insight

15/11/2023

19/11/2022

Experts believe that someone's identity is stolen somewhere in the world every two seconds.

09/09/2022

❗️

Welcome to Southern African Fraud Prevention Service (SAFPS). We’re a Non-Profit Organisation focused on fraud prevention and leading the fight against fraud and financial crime.

04/08/2022

3000-ghost-employees!!! How is this possible 😢😢

The Passenger Rail Agency of South Africa is investigating how 3,000 unverified employees got onto its payroll.

30/07/2022

❗️

25/07/2022

The ICFP is looking for an administrative clerk to assist in debtor management for a period of 3 months. Experience with debtors and debtor reporting is a must.

Please send your CV to [email protected] or call Chris on 082 902 4667

06/07/2022

Alleged cybercrime kingpin James Junior Aliyu, who was arrested for fraud and money laundering in Sandton, Johannesburg, will spend more time behind bars after his case was postponed on Tuesday.

06/07/2022

Part 2 of the Shrine scam 😢😢

06/07/2022

Shrine scam, do you know it?

'I lost R1 million in loaned cash to Tinder scammer. He gave me a box full of black paper in return'

08/04/2022

Why Boardrooms Should See Fraud Prevention As A Competitive Advantage✔️✔️

If companies want to protect their brands, stand out from their rivals and, ultimately, drive business growth, they must start thinking about fraud in a different light.

08/04/2022

Fraud “word” of week “Predator Fraudster”

Definition

✔️Predator fraudster has an intention to the committee the crime.

✔️The opportunity does not provoke him. he is the one who creates the opportunity for such an act.

Source:

Practical example

✔️ Mr Predator Fraudster (“PF”) owns luxurious houses and cars. Mr PF dates and preys on unsuspecting Call Centre Agents to provide him sensitive company data that would enable him to defraud the “targeted” companies. Mr PF does not shy away from buying expensive gifts for his targets.

✔️Mr PF receives sensitive data from his target which has the Finan staff members’ details, he then sends an e-mail to one of the Finance Department’s staff member where he pretends to be a legitimate supplier and request to change the supplier’s banking details & provides new banking details.

✔️ Finance staff member pays the money to the new bank account only to find out that the money was paid into a fraudulent bank account, and the supplier did not send the reques. Mr PF deceived the staff member.

Source:

🟡SOCIAL QUESTION🟡
As a business owner do you verify banking details before processing a payment?

01/03/2022

As a business owner YOUR responsibility is NOT only to make money, it is to build a legacy not a charity or a trust fund for fraudsters & thieves therefore invest in the following measures:
✔️Segregation of duties
✔️Whistle blower facility
✔️Background checks
✔️Policies & procedures
✔️Fraud awareness
✔️Surprise audits