transunion
Digital Transactions Fraud Rise 187% in South Africa
As more consumers go online for banking and other financial transactions, new research from TransUnion, an American consumer credit reporting agency, has found that fraudsters are ramping up their efforts in the financial services industry. When comparing the last four months of 2020 (September 1 – December 31) and the first four months of 2021 (January 1 – May 1), the company found the percentage of suspected digital fraud attempts coming from South Africa in financial services increased by 187%. Globally, the rate of financial services fraud attempts increased by 149%. Across industries, the rate of suspected digital fraud attempts globally rose 24% when comparing the first four months of 2021 with the last four months of 2020. In South Africa, the overall percentage of fraud attempts in...
Insurance Companies could’ve Avoided Loss of R7 billion during 2019, According to ICB
Nowadays, it is customary that people who own certain goods obtain insurance to protect their belongings. Car insurance companies are the most popular ones; the different car insurance alternatives in the market are there because we need to feel safe while we are on the streets – not only because of the actions we take, but also because of other people’s actions. Nevertheless, in the market citizens can find an insurance policy for many different purposes, like property insurance. In the same way that these policies are widely used, there are also some widely dishonest actions taken by contributors in South Africa. The Insurance Crime Bureau (ICB) stated in a report that R7 billions were lost in 2019 because of insurance fraud. However, this could have been avoided if some measures h...
Lockdown causes Virtual Scams on Personal Loans to Rise
Sourced from Republic Title The coronavirus pandemic has resulted in the increase of activities, businesses, and transactions in the virtual world. For scammers, this has not been an exception. According to a survey conducted by credit bureau TransUnion, virtual scams have increased in South Africa due to the quarantine regulations that South Africans had to face. It is important to remember that just the mere fact of being Internet users and by performing different operations from a computer, we are already vulnerable to being hacked. This doesn’t mean users should be scared. In fact, it is fundamental to take into account certain aspects at the moment of perform financial transactions, or requesting for credit or a loan in order not to fall into this type of virtual traps. In the f...
