Tag: fraud management

South Africa’s financial institutions are rewriting the rules of banking technology. The cloud has become a new balance sheet of innovation. For decades, the country’s banking sector has punched above its weight. For example, it provided electronic banking long before many global peers.

Whilst most corporations across the world have had to make drastic changes to their business operations as a result of the COVID-19 pandemic, many business leaders believe that the disruptions caused by the pandemic have inadvertently introduced more advantages than disadvantages. 

Choosing the decisioning platform for your organisation to combat fraud and financial crime. There are a growing number of decisioning platforms to choose from to combat fraud and financial crime. Many find making the right selection overwhelming, knowing that the choice made will have a lasting, monumental impact on their organisation for years to come.

Being nimble and awake to the rapid changes occurring to bank fraud will be essential. History tells us that things like natural disasters, times of economic instability, and fears of recession or unemployment provide the perfect environment for increased fraud and financial crime.

Bank hackers, email phishing scams and identity theft are synonymous with fraud in the financial sector. According to a statement by the South African Banking Risk Information Centre (SABRIC), more than R 800 million were lost over the last couple of years in South Africa due to fraud.

Digital and mobile technology is continually evolving and advancing, creating new ways to pay; from mobile wallets to peer-to-peer to digital currency, the modern payments landscape has evolved past simply cards and cash. Consumers, eager to adopt these new ways to pay, are changing their purchasing habits to meet these emerging methods.