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Online fraud is on the increase in South Africa, with criminals seeing individuals’ online banking accounts as particularly rich pickings.
Crime in South Africa has come under the spotlight once again, with the release of the latest police crime statistics report for 2014/2015. As one of the custodians of the insurance industry, the South African Insurance Crime Bureau (SAICB) has highlighted some key crime trends which have had a direct impact on insurance claims costs and frequency.
The question is not ‘if’ or ‘when’ cybercrime will comprise the most significant portion of financial crime losses. It’s already happening and is not waiting for the Forensic Services profession to catch up. There has been a global increase in cyber-related incidents and this is fast becoming the next major crime wave, says Clayton Thomopoulos, a Deloitte Director at Risk Advisory.
Old Mutual has warned internet users against fraudsters using the company’s branding to offer bogus loans and investment opportunities.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?