Many cash-strapped South Africans are turning to credit to make ends meet. Unfortunately, fraudsters are also looking to cash in on the increasing demand for credit and there is little they wont do to take advantage of vulnerable victims. The solution is to take both proactive and reactive measures to outsmart swindlers and protect your valuable information and hard-earned money.
The latest crime statistics from the South African Banking Risk Information Centre reveal a highly complex financial fraud landscape. Criminals are becoming increasingly sophisticated in their attacks. While card fraud saw an encouraging 18.4 decrease overall, digital banking fraud saw an alarming 36 surge, with financial losses per incident increasing by 9.
According to Leon Jacobs, Chief Information Officer at RCS, this 'reflects how financial fraud has changed with the move towards digital transacting. As a retail consumer finance provider, weve put measures in place to protect customers from falling prey to fraudulent tactics.'
In addition to this, we have ramped up our efforts to empower South Africans with the knowledge they need to protect themselves both in terms of their cards and passwords, as well as their online behaviour. Our security efforts plus greater awareness from customers results in an airtight system that can stop fraudsters in their tracks.
An important part of making credit work for you involves getting smart about financial crime. This involves taking a few simple steps that can make a big difference in terms of preventing unnecessary financial losses, hassle and emotional distress.
