Johannesburg — COMPANY identity fraud has increased in the past year and a half with companies in several sectors being targeted by syndicates, say specialist business insurers.
Coface ZA, which operates in 93 countries and provides local and export credit insurance, and specialist business insurer Etana Insurance have both noted a sharp increase in commercial crime losses. Businesses are losing from R50000- R450000 a time to people posing as suppliers, opening bank accounts under the names of well-known companies or changing the bank details of established companies and rerouting payments.
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