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SOUTH AFRICA: Have you ever been tempted to download software or an App that turns out to be a disaster? Malware, Phishing, Password stealing and fraud follow soon after! We at Fraudalert are embarrassed to admit that that is what happened to us recently – after following an ADVERT on Facebook, we downloaded a ‘trial’ …
On 12 March 2024, the Financial Sector Conduct Authority (FSCA): imposed an administrative penalty of R15 065 852 million on My Wealth Dias (penalty); and debarred Mr Coetzee for a period of twenty years (debarment). The FSCA took the aforementioned decisions following an investigation which revealed, amongst others, that: My Wealth Dias contravened section 11(1) …
A device farm is a collection of physical or emulated devices used to create fake accounts at scale. An emulator ring achieves the same result in software, simulating many clean phones or browsers on one host with no hardware at all. Professional rings do not rely on one phone and a list of stolen identities; …
Players weren’t the only ones making bets during the 2026 World Cup. Betting and gaming operators and platforms across the globe eased registration controls to compete for customers, and many expected fraud to follow the loyalty and bonus offers, but the data show that a different, more unexpected trend played out. While registration dashboards reported …
Buy Now, Pay Later has become one of the fastest-growing payment methods at checkout, but that growth has come with a parallel rise in fraud targeting the model. Unlike traditional credit products, BNPL approvals happen in seconds, with minimal friction by design — which makes them an attractive target for identity theft, synthetic fraud, and …
Most fraud programs were assembled, not designed. One point solution at a time, each added when a new problem became impossible to ignore. The best onboarding tool, the best transaction monitoring solution, the best AML screener, each chosen deliberately, and every choice defensible on its own. But the stack that made sense at Series A …
A product manager, an engineer and a designer walk into a launch review. A new payment rail is scheduled to ship in three weeks, and nobody at the table works in fraud. The punchline lands a quarter later, as a loss. Every fintech product launch creates revenue and risk in the same motion. Revenue gets …
The Office of the Comptroller of the Currency (OCC) denied a national trust bank charter on July 21 and for bunq, another full-service national bank charter on August 4. In a bulletin issued June 17, the OCC said it “plans to make all denial decisions public” so that industry can see “how the OCC has …
The Southern African Fraud Prevention Service (SAFPS) has saved its Members more than R7.44 billion in potential fraud losses during 2025, underscoring the growing value of shared fraud intelligence in an environment where criminal syndicates are becoming increasingly organised, technologically advanced and difficult to detect. The figures, released in the 2025 SAFPS Annual Report, represent …
Paul Taylor, former CEO of Blue Horizon Asset Management (BHAM) has been fined £489,000 and banned from working in financial services by the FCA. The former managing director of the firm, Esmeralda Toni, has also been fined £121,200 for serious misconduct and banned by the FCA. During his time at BHAM, Mr Taylor made misleading …
Every eCommerce merchant closely tracks its chargeback ratio, and for good reason. Card networks set the thresholds; acquirers enforce them and breach programs, like Visa’s Dispute Monitoring Program, bring fines, monitoring and mandatory remediation plans. The signals are clear, the consequences tangible and the reporting precise enough to act on. But that precision comes with …
The European Anti-Fraud Office (OLAF) has provided key intelligence that led Lithuanian authorities to uncover and dismantle a large illegal factory producing counterfeit nicotine pouches in Kaunas, Lithuania. CLICK HERE to read this article and more on OLAF. What is OLAF? The European Union budget finances a wide range of programmes and projects which improve …
Generous return policies have earned their place as a reliable growth lever. They reduce purchase hesitation, lift conversion rates and build loyalty that compounds over a customer’s lifetime. Whether the sale happens at a store counter, on a website or through a third-party marketplace, finance teams understand those outcomes well enough to model them directly …
On 30 July 2026, Lucy Beck attended Southwark Crown Court for a hearing in relation to unauthorised promotions on social media. Ms Beck entered a not guilty plea and the date of her trial has been set as 12 June 2028. It is alleged that Ms Beck promoted buying and selling Foreign Exchange Contracts for …
The Upper Tribunal upheld the FCA’s decision to ban Richard Fenech and Heather Dunne from working in financial services. The Tribunal agreed that both acted dishonestly by providing a backdated appointed representative agreement to the FCA. The Tribunal found that Ms Dunne falsely claimed she had given advice to some pension schemes before she had …
For most of the last decade, eCommerce fraud teams have had a reliable tell. Humans behave like humans at checkout. You see it in mouse movement, typing cadence, the order in which someone fills out a shipping form and how long they linger before adding to the cart. Behavioral analytics built on those patterns catches …
EFG approved financial promotions which failed to disclose very high commission fees charged by its appointed representatives and other introducers for marketing the minibonds to investors. Appointed representatives carry out regulated activities under the responsibility of an authorised firm, known as ‘the principal’. The promotions also failed to state that these fees would be deducted …
MPUMALANGA – Warrant Officer Nonhlanhla Mdluli of Middelburg SAPS, continues to intensify the community awareness campaigns aimed at promoting safer communities through the local radio station. This radio awareness programs form part as SAPS ongoing commitment to crime prevention and strengthening partnerships between SAPS and the public. The initiatives come after the station is encountered …
You’ve probably read about someone who clicked on a pop-up advertisement and later discovered money missing from their bank account. Or perhaps you know someone who was shocked to receive a notification of a purchase made overseas while they were sitting at home. These scams have become so common that virtually anyone could become the …
The European Commission today published its 2025 Annual Report on the Protection of the EU’s Financial Interests (PIF Report), introducing for the first time a comprehensive assessment of the entire anti-fraud cycle and setting out the next steps to strengthen the protection of the EU budget. CLICK HERE to read this article and more on …
