provides an in-depth analysis of the current identity fraud concerns, practices, and preparedness among businesses.
The concern for AI-driven fraud was particularly pronounced, with up to 63.2% of smaller businesses and 60.9% of larger businesses identifying it as a critical threat.Businesses in South Africa are adopting identity verification solutions with the aims of enhancing security and reducing fraud. This is further reflected in the investment patterns in fraud prevention technologies. Many businesses, particularly those with 201-1,000 employees, allocate between 10-20% of their budgets to these technologies, underscoring the prioritisation of fraud prevention in their corporate strategies.
Larger companies also display significant investment, with 42.2% dedicating 10-20% and 26.6% allocating more than 20% of their budgets to fraud prevention technologies.