Lying for new wheels: Vehicle asset finance fraud up by 53%, says Sabric
Fraudulent vehicle application forms and branch-before-deposit attacks are surging. This is according to the South African Banking Risk Information Centre's (Sabric) annual crime stats for 2021, released on Monday. Vehicle asset finance (VAF) fraud applications increased by 53% in 2021, with 20,103 incidents reported, compared to 2020’s 13,095 occurrences. Fraud detection systems implemented by banks, however, identified and successfully prevented the majority of reported fraudulent applications from being approved last year, […]
