The Southern African Fraud Prevention Service (SAFPS) had its International Fraud Summit this week. And if I wasn’t scared of the bogeyman before, I am definitely now. I’m not even sure who the bogeyman is anymore, as international cybercrime syndicates have made financial fraud faceless and fearless. The SAFPS research shows that identity theft has grown by more than 300% between 2021 and 2022. Additionally, cases involving money muling have increased by 97% over instances recorded in 2021, the organisation said.
Now money mule actions are linked to cybercrime and are intertwined with illegal financial flows that often come from illicit activities like phishing, malware attacks, online fraud and business e-mail compromise,
