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Posted in News 
Tags: An Abney Associates Fraud Awareness Program, Identity fraud is on the increase
Abram Mashego and Omphemetse Molopyane
Recent statistics by the Southern African Fraud Prevention Service (SAFPS) reveal that identity fraud is on the increase.
Based on the year-to-date figure, 1 370 cases had been reported to the SAFPS as at the end of April.
Experts warn that the figure could be the tip of the iceberg as the statistics only indicate the cases that have been recorded.
There was a 16% increase in fraud from a total of 3327 cases in 2012 to a total of 3873 cases in 2013.
The crime cost the local economy a whopping R1bneach year. It is estimated that the number of incidents could exceed the 4000 mark by the end of 2014.
Frank Lenisa, director of credit bureau Compuscan, said they had been keeping a close watch on the situation and was endeavouring to educate consumers and assist them in preventing the negative impact that fraud can have on their credit reports.
“It’s concerning to see that there is an increase in identity fraud.
What worries us even more is that consumers are often unaware that they have fallen victim to such a crime and this could have a severe negative knock-on effect in their ability to obtain credit in future,” said Lenisa
Lenisa also said it was important for credit-active consumers to keep a close eye on account activity in their name to prevent and recover from identity fraud.
“This is one of the steps that can be taken to protect the health of their credit records.
Credit-active consumers can safeguard themselves by obtaining a copy of their credit as regularly as possible and carefully examining every piece of information.
It is recommended that this is done once a month,” he said
He added that consumers should carefully examine their statements, keep their passwords and identity numbers secure and shred receipts and statements before discarding them.
“It must also be stressed that personal information should never be given over the phone and the authenticity of websites should be checked before entering any personal information,” said
According to the latest National Credit Regulator Credit Bureau Monitor, there were 20.
64 million credit-active consumers in South Africa as at the end of December last year and each one of these consumers are urged to pay close attention to the threat of fraudulent activity that could affect their credit records.
Credit-active consumers can safeguard themselves by obtaining a copy of their credit reports as regularly as possible and carefully examining every piece of information.
