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Internal payments fraud on the rise and costing SA businesses

Jul 30, 2021 South African businesses, already under severe economic strain, are now counting the costs of rapidly increasing internal payments fraud. According to Ryan Mer, MD of eftsure Africa, the number of recent high-profile cases before the courts only partly reflects the true scale of the problem. Estimates suggest that it costs the private sector more than R2-billion every year to combat theft and fraud. According to a PWC report, South Africa was ranked as having one of the worst white-collar crime rates in the world. A similar study conducted by the Association of Certified Fraud Examiners found that a typical organisation loses at least 5% of its annual revenue to fraud. The same study also found that once victimised, an organisation is unlikely to recover the losses.

Financial Statement Fraud Market To Grow Extensively at Unstoppable Rate with BioCatch, Digital Resolve, Experian

Financial Statement Fraud Market To Grow Extensively at Unstoppable Rate with BioCatch, Digital Resolve, Experian
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