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Fraud prevention service saves clients more than R5-billion as scams soar in 2024

Fraud prevention service saves clients more than R5-billion as scams soar in 2024
Lisakanya Venna
By Lisakanya Venna
15 May 2025
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On Thursday, 15 May 2025, the Southern African Fraud Prevention Service (SAFPS) kicked off its annual summit with a bang — or rather, a barrage of numbers that would make any fraudster’s palms sweat.

Held both in person at Nedbank’s Rivonia Campus in Johannesburg and online, the summit unveiled the 2024 SAFPS Annual Report, presented by Roy Retief, Head of Operations at the Southern African Fraud Prevention Service. Although SAFPS managed to save its members (companies from the financial services and retail sectors) more than R5-billion last year and a whopping R30-billion over the past decade, fraud is not taking a holiday any time soon.

“Fraud has evolved and is becoming more sophisticated, more targeted and more personal,” said SAFPS CEO Manie van Schalkwyk.

Van Schalkwyk further said there was a critical need for collaboration among organisations to combat rising fraud and scams effectively. Key initiatives like the Yima Anti-Scams WarRoom, which served as a one-stop portal where users could report scam incidents or suspicious activities,  demonstrated SAFPS’s commitment to leveraging shared intelligence and partnerships.

Read more: AI-powered scams drain South Africans’ bank accounts — here’s how to protect your money

Fraud’s favourite hangouts


When it comes to fraud hotspots, Gauteng, KwaZulu-Natal and the Western Cape are still the usual suspects — think of them as the “Fraud Triangle” of South Africa. 

Gauteng showed a modest 5% dip in fraud incidents compared to 2023, so the scammers there either took a short holiday or just got smarter about hiding. 

Fraud analysis per region


Impersonation spike


Victims of impersonation — where your personal information is used fraudulently — account for up to 16% of SAFPS listings, and this category surged by 38% in 2024. 

Interestingly, men appear to be leading the pack as prime targets, showing that fraudsters aren’t picky but might have a particular eye on the fellas.


Fraud’s many faces


Fraudsters are getting creative, with scammers opening bank accounts solely to move stolen money — this sneaky misuse of accounts jumped 24%. Meanwhile, the number of money mules — those unwitting or willing accomplices who let criminals use their accounts — have dropped.

“We saw money mules dropping within the misuse of accounts by 33%, and typically... that is where account holders are making their accounts available to criminals willingly, sometimes not so willingly,” Retief said.

However, retail accounts, which only accounted for 0.3% of fraud incidents, were under siege, with abuse soaring 155% as criminals took over credit and left the victims with the bill.

“Typically, you’d find (retail fraud) would occur where a consumer opens an account with a retailer with no intent to repay that debt at all,” he said.

Billions saved, more to protect


Despite these alarming statistics, there’s a silver lining. Over the past decade, the SAFPS database has prevented R30.63-billion in fraud losses. In 2024 alone, it saved R5.04-billion, following R6.9-billion saved in 2023, while fielding more than 72,000 calls and more than 50,000 emails to assist victims and members.

Christo Otto, the chairperson of the SAFPS board, commended the board’s steadfast support and the SAFPS team’s ongoing commitment to combating financial crime in 2024.

“The SAFPS board must be commended for its determination in supporting the ongoing work of the SAFPS in its fraud prevention efforts for members and consumers at large,” he said. 



What this means for you


Although fraud is evolving fast, there are practical steps you can take right now to protect yourself and your finances:

  • Your identity is a hot commodity: Protect your personal information. Think twice before sharing your ID or banking details online or over the phone.

  • Retailers are prime targets: Your shopping accounts, both online and offline, are at risk. Use strong, unique passwords and enable two-factor authentication where possible.

  • Fraud prevention is a team effort: You can actively protect yourself by registering your accounts and promptly reporting any fraud attempts.

  • Stay informed, stay safe: Keep up to date with alerts from SAFPS and your financial institutions to avoid falling victim.



The summit made one thing clear: fraud is evolving, and the fight against it must evolve too. With protective registrations steadily increasing and billions already saved, there is genuine hope that South Africa’s fraudsters might find their playground growing smaller. DM



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