Not fraud in general & Not identity theft…
…but document manipulation.
SABRIC reports that vehicle asset finance fraud applications more than doubled in 2023, resulting in 𝗥𝟭𝟯𝗯𝗻 in losses.
The LexisNexis True Cost of Fraud study shows that for every 𝗥𝟭 lost to fraud, South African businesses incur an average cost of 𝗥𝟯.𝟲𝟰.
In unsecured short-term lending, we estimate roughly 𝟮% of granted loans are impacted by some form of statement manipulation. For every 𝟭𝟬,𝟬𝟬𝟬 loans issued, that’s 𝟯𝟬𝟬–𝟲𝟬𝟬 affected loans — or approximately 𝗥𝟯𝟬𝟬𝗸–𝗥𝟲𝟬𝟬𝗸 in exposure.
…that’s before collections cost, operational friction, and portfolio impact.
𝗗𝗶𝗿𝗲𝗰𝘁 𝗯𝗮𝗻𝗸 𝗱𝗮𝘁𝗮 𝗰𝗵𝗮𝗻𝗴𝗲𝘀 𝘁𝗵𝗮𝘁!
When data is retrieved from source, there is no editable file layer.
And beyond fraud reduction, the implications are structural and empower the ecosystem:
· It promotes competition.
· It expands access for credit-invisible consumers.
· It supports NCA-aligned decisioning.
· It acts as a practical bridge to Open Finance.
When implemented properly, screen scraping is not a shortcut.
· It’s built around consent.
· Security.
· Operational controls.
· Defined accountability.
truID’s platform is aligned with the same governance principles reflected in SARB’s Instant EFT Directive.
Until APIs are mandated, screen scraping remains one of the most commercially meaningful risk controls available to credit providers… and at truID we’re the premier data aggregation partner in South Africa.
CreditRisk FraudPrevention CreditOrigination OpenBanking