JOHANNESBURG–(BUSINESS WIRE)–As more payments are made online, new research from global analytics software firm FICO suggests that South Africans are concerned about fraudsters using their information to hijack their financial personas. When asked about what fraud practices concern them the most, 36 percent were most concerned about fraudsters stealing their identities and using them to open financial accounts, while 28 percent of South Africans were worried about fraudsters using the information to take over their accounts. Notably, 17 percent of those surveyed had already been victims of account fraud.
More information: https://www.fico.com/en/latest-thinking/ebook/fico-consumer-fraud-survey-2021-south-africa
South Africa has experienced a spate of fraud crimes, with the Global Consumer Pulse Study reporting that 37 percent of South African consumers have recently been targets of Covid-19 related digital fraud. TransUnion reported that the percentage of suspected fraudulent digital transaction attempts against businesses that originated from South Africa increased by 44 percent from March 2019 to March 2021.
“Criminals found new ways of committing crimes as the pandemic started spreading worldwide,” said FICO Vice President and Managing Director for MEA, Michelle Beetar. “The changes in human behavior, particularly the switch to more digital methods to manage relationships and finances, created opportunities for more fraudulent activities.
“One…
