Tag: South African Fraud Prevention Service

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.

The growth in identity theft highlights the need for early detection. Statistics from the South African Fraud Prevention Service (SAFPS) show that identity theft has increased by 200% over the past six years. This has raised the need for greater education around this crime, especially when it comes to early detection.