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  • Will consumer debt as a result of COVID-19 drive an increase in fraud?
    Stats SA reports that 28% of businesses surveyed had decreased working hours, with close to 20% laying off staff in the short term¹, as a direct result of the COVID-10 national lockdown in South Africa. While some businesses deemed non-essential are able to continue operating with employees working remotely, aided by laptops and WIFI or mobile internet connectivity, the economic downturn has meant that even those working through the lockdown may not receive a full salary cheque come month end, with over 85% of South African businesses reporting turnover below the normal range. Going forward, lenders and businesses will need to be diligent in all vetting processes to protect themselves against both defaulters and potential fraudsters.