Identity theft in the financial industry imperils South Africans
Identity theft in South Africa continues to rise despite many warnings and precautions to protect clients. Every two seconds, someone's identity is stolen somewhere in the world, according to reports. Recent estimates from the National Council on Identity Theft Protection in the United States indicate that identity theft will cost Americans around $6 billion by 2021. The Federal Trade Commission received 5,7 million fraud and identity theft complaints in the same year, with identity theft accounting for a quarter of these complaints. It is estimated that identity theft costs the South African economy more than R1.5 billion annually. Almost everyone is affected by identity theft at some time, whether directly or indirectly. The rising trend Even before the COVID-19 outbreak drove individuals online during early severe lockdowns, digital transactions were increasing. Now that the health effects of the coronavirus have abated, there has been an upsurge in the use of online platforms t...