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RAF disappointed by fine for fraud conviction

08 February 2024 | General

The Road Accident Fund (RAF) is disappointed with the R60 000 fine given to an East London man found guilty of submitting a fraudulent RAF claim worth R5 million. The Fund is concerned that the lenient sentence sends the wrong message to would-be fraudsters.

Crime rampant across insurance disciplines

29 January 2024 | General

The lengths that criminals go to in their quest to steal money from banks, insurers and other financial institutions is staggering. Nowadays, criminal syndicates use a variety of tools to get the job done including cross-border transactions, document forging, identity theft, insiders and money mules, to name a few.

The alarming rise of employee fraud: what employers need to know

16 November 2023 | General

While South Africa’s anti-organised crime legislation and regulatory framework is widely regarded as being robust, a lack of capacity and resources have thwarted attempts to clamp down on opportunistic criminals.

South Africans play a greater role in becoming scam victims than they care to admit

08 November 2023 | General

The South African fraud landscape is becoming increasingly risky as fraudsters and scammers look to target individuals with highly sophisticated scams in an environment where it is becoming increasingly difficult for lawmakers and authorities to bring these criminals to justice.

quick poll

Question

What do you believe will be the biggest challenge when the COFI framework is finally implemented?

Answer

The cost and complexity of relicensing Demonstrating customer outcomes through data and reporting Embedding a customer-first culture across the business Aligning existing compliance frameworks with COFI requirements

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