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Fraud worth R1.1 billion prevented by life and investment companies in 2022 - ASISA report

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GUEST - Jean van Niekerk - Convenor of the Forensic Standing Committee at The Association for Savings and Investment South Africa (ASISA)

South African life insurers and investment companies detected 8 931 cases of fraud and dishonesty in 2022. While losses worth R1.1 billion were prevented, the industry lost R77 million to fraud in 2022. This week, the Forensic Standing Committee of the Association for Savings and Investment South Africa (ASISA) released its most comprehensive set of fraud statistics yet, which for the first time includes fraud reported by investment companies and a new category for sales fraud.

Previously, ASISA released only fraudulent and dishonest claims statistics reported by life insurers. Jean van Niekerk, convenor of the ASISA Forensic Standing Committee, explains that the detailed fraud statistics provide a better overview of the magnitude of the problem the industry is grappling with. The statistics also send a strong message that the industry’s preventative measures to combat fraud are working.
30 Nov 2023 3PM English South Africa Business News · Investing

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