Financial Crime World

Title: South African Victims of Financial Fraud: Here’s How to Report and React

Overview

South Africans lost an estimated R1.5 billion to card and banking fraud in 2020 [1]. In the face of increasingly sophisticated financial crimes, it is crucial for individuals to know how to react if they become victims.

Steps to Take if You’re a Victim of Financial Fraud

  1. Contact your bank

    • Reach out to your bank as soon as you suspect fraud.
    • Find the contact number on the back of your card or through a quick Google search.
    • Your bank can cancel your cards, potentially saving you from further financial loss.

  2. Report the crime to the police

    • If you suspect a crime is in progress or someone is at risk, contact the local authorities.
    • Organizations like SAPS, commercial security providers, and neighborhood watches may offer assistance.

  3. Identity fraud and other agencies

    • For identity fraud, contact your bank, insurance provider, and any other organizations involved.
    • Place an instant hold on credit in your name to minimize damage.

  4. Utilize the Independent Ombudsman for Banking Services (OBS)

    • For individual disputes regarding banking services and goods, the OBS can help handle disputes.

  5. Change your passwords

    • Prioritize online security by updating passwords for online accounts, including banking profiles, social media accounts, and email addresses.

  6. Seek assistance from the South African Fraud Prevention Service (SAFPS)

    • Contact SAFPS for additional help with fraud prevention, fighting financial fraud, and providing assistance to identity theft victims on 011 867 2234.

Importance of Quick Action and Vigilance

  • Time is of the essence: Prompt reporting can save you from further financial loss and stress.
  • Reacting to human vulnerabilities: Many financial crimes rely on exploiting human vulnerabilities rather than technology.
  • Stay informed: Stay updated on the latest financial fraud trends to better protect yourself.

[1] South African Banking Risk Information Centre (SABRIC). (2021). 2020 Crime Statistics. https://www.sabric.co.za/newsroom/2021/03/sabric-releases-its-2020-crime-statistics/