The Southern African Fraud Prevention Service (SAFPS) is a non-profit organization dedicated to combating fraud and financial crime in South Africa. Established over 20 years ago by two banks, SAFPS aims to prevent and detect fraud by sharing incident data and learnings across various sectors[1][3]. ### Key Activities and Impact: - Fraud Prevention Services: SAFPS provides services to both businesses and consumers to prevent, detect, and address fraud incidents. They have developed tools like Yima to empower consumers with awareness and solutions against scams[3]. - Collaboration: SAFPS collaborates with law enforcement agencies, government bodies, and private sector organizations to combat fraud effectively. This includes working with entities like the Hawks and the Financial Intelligence Agency[3]. - Economic Impact: SAFPS has prevented billions of rand in fraud losses within the South African economy. In 2023, they reported over R4.8 billion in savings through their prevention efforts[3]. ### Types of Fraud: - Scams: Advanced Fee scams, Investment scams, and Cyber scams are among the most prevalent. Romance scams have resulted in significant financial losses, with over R125 million lost in 2022[3]. - Money Mules: There has been a significant increase in money mule activities, with perpetrators often recruited for financial gain[3]. - Socioeconomic Factors: Economic conditions such as inflation and unemployment contribute to the rise in fraud incidents, including employment scams and human trafficking[3]. ### Mission: SAFPS focuses on reducing the impact of financial crime through education, collaboration, and advocacy for vulnerable individuals in the digital age[1].