Insurance fraud: R10bn lost yearly

SOUTH Africa loses R10-billion in insurance fraud annually.

An average of R900 is lost for every policy holder – and 40% of that is stolen through organised crime, most of it online.

Anyone with a bank account or cellphone is a potential victim of financial crime – particularly cyber crime – and should educate themselves on how to avoid fraud.

This was the warning yesterday from a panel of experts at the 35th annual Crimestoppers International Conference in Cape Town.

Every time a bank closed a gap, the perpetrators would find a way in, delegates at the seminar were told. – Jerome Cornelius