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Identity Fraud Research Paper

782 Words4 Pages

Fraud is a dishonest activity causing financial loss to a person or a business. For example, when a person promises you that you can make a lot of money by investing in his/her business, but takes your money and disappears. There are different fraudulent activity, these include:
• Phishing Scams
• Advanced Fee Fraud
• Card Fraud
• Insurance Fraud
• Identity Fraud
These fraudulent activities have cost the country large amount of money. Reports by the RSA Anti-Phishing service show that phishing scams cost the country R71 million in the first half of 2012. Cost of card fraud on the country amounted to R336,8 million on credit cards and R117,7 million on debit cards. Identity Fraud is costing the country over R1 billion every year. Insurance Fraud costs the short-term insurance industry R4 billion a …show more content…

Solutions to counteract fraud and corruption
Fraud
• Be vigilant at ATM’s.
• Never allow your credit or debit cards out of your sight when paying for good s and services.
• Always make sure your identity document and passport are stored securely.
• Thoroughly check your bank statements every month and immediately report any suspicious or unusual activity.
• Do not give money to anyone you do not know online.
Corruption
• Establishing fast track courts and giving severe punishment for corruption practice will keep a control on corruption as corruption cases take too long before being settled in court which delays the process of justice.

HOW YOUNG PEOPLE CAN INTERVENE AGAINST CORRUPTION
• Young people can put together a petition which denounces the misuse of public funds and get many people to sign it and then give it to the decision makers in the country, for example a high court or supreme court.
• Young people can set up a peaceful protest against corruption.
• Raising awareness and inspiring change within the youth and within the country, using hashtags on social

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