Fraudsters didn’t take a break in South Africa during 2024, but thankfully, many of their schemes were stopped in their tracks.

The Southern African Fraud Prevention Service (SAFPS) recently shared some encouraging news at their annual summit—last year alone, they prevented criminals from stealing a whopping R5 billion.

Over the past decade, their efforts have blocked a total of R30 billion in potential fraud losses.

Where Fraudsters Strike the Most

Manie van Schalkwyk, the CEO of SAFPS, pointed out that while South Africa faces serious fraud challenges, better teamwork among organizations is crucial to stay ahead of these criminals.

He identified the main “fraud hotspots” as Gauteng, KwaZulu-Natal, and the Western Cape—areas often called the “Fraud Triangle” because of the high crime rates found there.

Interestingly, Gauteng saw a small but hopeful 5% drop in fraud cases compared to 2023.

This improvement is partly credited to the Yima Anti-Scams WarRoom, a central hub where financial service providers report scams and suspicious activities, making it easier to react quickly and prevent losses.

How Fraudsters Are Changing Their Tactics

One worrying trend is that fraudsters are increasingly impersonating their victims to access bank and personal accounts.

This method jumped by 16%, accounting for 38% of fraud attempts in 2024.

What’s surprising is that men seem to be targeted more often than women—perhaps because men tend to be less careful about their finances and security.

Van Schalkwyk also pointed out some new scam strategies gaining ground.

For example, fraudsters are opening bank accounts just to move stolen money around, a tactic that rose by 24% in 2024.

Another concern is the rise in “money mule” accounts, where either willing or unwitting people let scammers use their accounts to launder money; these increased by 33%.

The Rise of Retail Card Account Fraud

A particularly alarming trend is the dramatic surge in fraud targeting retail card accounts—things like supermarket rewards programs.

Crimes involving these accounts soared by over 150%. This spike is likely because these accounts don’t have strong fraud detection systems in place.

Scammers exploit this by buying goods on credit and leaving victims with the bills, which often go unnoticed for weeks or even months.

They might impersonate customers or even use accomplices in stores to open or access accounts with no intention of repaying the debt.

Progress Made But The Battle Continues

Despite these worrying new tricks, SAFPS insists they’re making solid progress in the fight against fraud.

The R5 billion saved in 2024 is slightly less than the R7 billion saved in 2023, but it still shows a positive downward trend.

To help victims, SAFPS responded to over 72,000 calls last year from people suspecting fraud.