Fraud can have serious consequences on its victims, but the risks can be reduced through being vigilant.
Fraud is one of the most difficult crimes to prove and prevent, especially if you are unfamiliar with the relevant legislation, processes and procedures. SAFPS is here to assist you in protecting yourself in this regard and protect you against further instances of identity theft and financial crime.
WHAT IS FRAUD?
Fraud is defined as an act of intentional concealment, omission, or perversion of the truth with the aim of gaining an unlawful or unfair advantage, inducing or causing another party to experience a loss (economic, status, or rights) or inflicting injury on another party.
Contrary to popular perceptions, fraud is not a victimless crime. For people targeted by fraudsters, the consequences can be devastating. In addition to the potential economic losses, they could lose their good name or credit rating, as well as facing the time-consuming challenge of re-establishing their legal and financial identity.
Certain kinds of fraud affect everyone, by contributing to business costs that are then reflected in the increased costs of the goods and services that we all use, or in higher insurance premiums.
HOW DOES FRAUD IMPACT YOU?
Fraud can result in your life been controlled / taken over by fraudsters, resulting in:
Emotional and physical distress to you, your family or your business.
Financial and reputational losses.
Blacklisting of your name and your credit record.
Debt burdens if you are unable to prove the fraud.