The payments industry is undergoing rapid change, fueled by technological innovation and a growing appetite for seamless financial experiences. By 2028, global payments transaction values are predicted to reach almost $16.7 trillion. This expansion is good news for businesses and consumers alike, but it also brings new vulnerabilities and makes payments platforms increasingly attractive targets for fraudsters.
A recent report from Veriff shows that payment-related fraud is accelerating at a dramatic pace. In 2025, there was an 89% increase in attempted fraud within the payments sector, catapulting it from a moderate to high-risk environment. What’s behind this alarming trend? The rise of AI-driven threats is central, as fraudsters employ advanced tactics like deepfakes and digitally altered documents to bypass traditional security methods.
Understanding the risk landscape
Fraud in…
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THE TUTUKA POWER STATION PROCUREMENT FRAUD (ESKOM)
Date: August 29, 2025 Perpetrator: Jessie Phindile Kubheka (Supplier Director)
Case Description: As part of the ongoing “cleaning up” of Eskom, Jessie Phindile Kubheka was sentenced to 12 years (with 5 years suspended) for defrauding the Tutuka Power Station. The case involved a sophisticated procurement syndicate that exploited Eskom’s emergency repair protocols. Kubheka’s company was contracted to deliver three high-specification containers for the power station. Only one container was ever delivered, and even that single unit failed to meet the required safety and technical specifications.
Despite the lack of delivery, Kubheka issued grossly inflated invoices, defrauding the utility of approximately R2.6 million. The Middelburg Specialised Commercial Crimes Court ordered Kubheka to repay the full amount. This case is significant because it marks a shift in Eskom’s strategy toward “naming and shaming” suppliers and pursuing full asset recovery. It serves as a stark warning to contractors that the 2026 climate of “Zero Tolerance” for state-owned enterprise (SOE) fraud is backed by active judicial enforcement.
Link to Original: Eskom Official – Tutuka Fraud Sentencing